Vista Land eyes $300 million from dollar notes issuance
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MANILA, Philippines — Vista Land & Lifescapes Inc. could raise $300 million from the issuance of dollar-denominated notes through its wholly owned international subsidiary.
In a stock exchange filing yesterday, the listed property developer of the Villar Group, disclosed plans for a potential issuance by subsidiary VLL International Inc. of senior unsecured fixed-rate notes under its $2 billion medium-term note program.
The planned notes to be issued will have a five year-tenor with a maturity date of July 29, 2029 and an initial price guidance of 9.5 percent area.
The proceeds will be used for refinancing, working capital, investment and other general corporate purposes.
DBS Bank Ltd. and HSBC were mandated as joint global coordinators, joint bookrunners and joint lead managers of the issuance of the notes, which are guaranteed by Vista Land and its subsidiaries.
These subsidiaries include Brittany Corp., Camella Homes Inc., Communities Philippines Inc., Crown Asia Properties Inc., Vista Residences Inc. and Vistamalls Inc.
KIS Asia will also serve as joint bookrunner and joint lead manager, while Union Bank of the Philippines will act as domestic lead manager.
VLL International has approved early this year the establishment of a $2 billion medium-term note program for the issuance of dollar denominated notes “from time to time.”
VLL International operates as a special purpose entity, formed to issue debt securities repay existing credit facilities, refinance indebtedness and for acquisition purposes, according to the company’s profile on Bloomberg.
Through six distinct business units, Vista Land operates its residential and commercial property development business.
Camella Homes, Communities Philippines, Crown Asia, Brittany and Vista Residences are focused on residential property development, while Vistamalls is involved in commercial property development.
The company has over 100 investment properties consisting of 42 malls, 56 commercial buildings and seven office buildings.
For this year, Vista Land has allocated P30 billion in capital expenditures to boost its residential offering and expand its land bank.
A big chunk or 98 percent of the budget would be for its residential units’ construction and land development, while the remaining two percent would be used for land acquisition as well as investment properties construction.
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