Vista Land obtains P10 billion notes facility

MANILA, Philippines — Vista Land & Lifescapes Inc. (VLL), the listed parent company of Vistamalls Inc., has obtained a corporate note facility of up to P10 billion.

Of the amount, the company has made an initial drawdown of P6 billion at a fixed rate of 7.6139 percent per annum, proceeds of which will be used to refinance existing or maturing obligations and for other general corporate purposes.

VLL entered into a corporate notes facility agreement with BDO Capital & Investment Corp., China Bank Capital Corp., and SB Capital Investment Corp. as mandated lead arrangers and bookrunners.

China Banking Corp. is facility agent while VLL’s subsidiaries Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc., and STR are subsidiary guarantors.

Vista Land is one of the country’s leading integrated property developers with residential and commercial segments as well as township developments.

From January to September 2022, the company posted a net income of P6.7 billion, up 12 percent it launched 12 projects valued at P21.8 billion.

The company reported a consolidated revenue of P21.2 billion for the period, almost the same as last year’s P22.4 billion.

Manuel Paolo Villar, president and CEO of VLL, said the leasing business has sustained its growth momentum given the return to “normalcy” and the so-called revenge spending.

VLL, chaired by tycoon Manuel B. Villar, has horizontal, vertical and commercial business and others segments.

The horizontal and vertical segments cater to the development and sale of residential lots and units and residential high-rise condominium, respectively.

The commercial segment, meanwhile, caters to the development, leasing and management of shopping malls and commercial centers all over the Philippines as well as buildings catering to the business process outsourcing industry.

It also has recreational and vacation facilities such as resorts and hotels.