PSE OK’s Vista Land’s P5 billion follow-on sale

MANILA, Philippines —  The Philippine Stock Exchange (PSE) has approved the application of Vista Land & Lifescapes Inc. for a follow-on offering worth as much as P5 billion.

The listed property developer of the Villar Group plans to offer up to 50 million Series 2 preferred shares to be issued in two subseries, Series 2A and Series 2B, at P100 apiece.

The follow-on offer consists of a base offering of 30 million Series 2 preferred shares and an oversubscription option of up to 20 million shares.

According to the PSE, its approval of the listing of the offer shares is subject to the company’s compliance with any and all of the post-approval conditions and requirements of the exchange, the Securities and Exchange Commission and other relevant regulatory bodies.

Vista Land will use proceeds of the offer primarily to refinance various bank loans and corporate note maturities as well as for general corporate purposes.

The offer period will run from Sept. 16 to  25.

The shares are targeted to be listed on the main board of the PSE by Oct. 4.

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 for the offer.

Last month, Vista Land raised another $50 million from the issuance of fixed-rate notes through its wholly owned subsidiary VLL International.

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, bringing the total issuance size of the series to $350 million.