MANILA, Philippines — The Securities and Exchange Commission (SEC) has cleared the preferred shares offering of Vista Land & Lifescapes Inc. worth up to P5 billion.
In a meeting on Aug. 8. the corporate regulator resolved to render effective the registration statement of the listed property developer of the Villar Group, subject to the company’s compliance with certain remaining requirements.
Vista Land intends to offer up to 30 million Series 2 preferred shares, with an oversubscription option of up to 20 million, at P100 apiece.
The proceeds of the
fund-raising activity will be used primarily to refinance existing debt and for general corporate purposes.
Based on its latest timetable submitted to the SEC, Vista Land targets to offer the preferred shares from Aug. 20 to Sept. 4, with its listing at the main board of the Philippine Stock Exchange eyed on Sept. 13.
BDO Capital & Investment Corp., China Bank Capital Corp. and SB Capital Investment Corp. were tapped as joint issue managers, joint lead underwriters and joint book runners.
Vista Land has allocated P30 billion in capital expenditures for 2024 to boost its residential offering and expand its land bank.
A big chunk or 98 percent of this year’s budget will be used for its residential units’ construction and land development, while the remaining two percent will be for land acquisition as well as investment properties construction.
Last week, Vista Land through subsidiary VLL International raised another $50 million from the issuance of fixed rate notes.
The new notes will be consolidated and form a single series with the $300 million 9.375 percent senior guaranteed notes due 2029 issued last July 29.
This brings the total issuance size of the series to $350 million.