The proposed issuance of senior unsecured fixed-rate notes with a five-year tenor fall under the company's $2 billion medium-term note program. These notes will mature in July 2029, and have an initial price guidance of 9.5 percent.
The Villar family-led Vista Land & Lifescapes, Inc. will issue dollar-denominated notes to fund its working capital requirements, among others purposes.
The Villar family-led Vista Land & Lifescapes, Inc. intends to bolster its financial resources by issuing dollar-denominated notes to fund its working capital requirements, among other purposes.
In a stock exchange report on Monday, the company said the planned fundraising activity, through its wholly owned international subsidiary, VLL International Inc., could raise $300 million.
VLL International operates as a special-purpose entity formed specifically for the issuance of debt securities.
Under the company's $2 billion medium-term note program, the proposed issuance of Regulation S bonds by the end of the month will have a five-year tenor.
As per the initial price guidance, investors may see a 9.5-percent yield on their holdings.
“The net proceeds will be used for refinancing, working capital, investment and other general corporate purposes,” Vista Land said in the disclosure.
DBS Bank Ltd. and HSBC were jointly coordinating, managing, and leading the issuance of notes guaranteed by Vista Land and its subsidiaries, including Brittany Corp., Camella Homes Inc., Communities Philippines Inc., Crown Asia Properties Inc., Vista Residences Inc., and Vistamalls Inc.
Meanwhile, KIS Asia will serve as both a joint book-runner and joint lead manager for this program, while Union Bank of the Philippines will act as the domestic lead manager.
VLL International established a $2 billion medium-term note program earlier this year, allowing for the issuance of dollar-denominated notes on an as-needed basis to repay existing credit facilities, refinance indebtedness, and fund acquisitions.
To recall, Vista Land has earmarked P30 billion in capital expenditures to fortify its residential offerings and enhance its land portfolio this year.
The residential and commercial property development operations are organized into six separate business units. Its portfolio includes over 100 investment properties, encompassing 42 malls, 56 commercial buildings, and seven office structures.
Housing is probably the biggest issue affecting people the world over.
Malacañang on Monday called for a more thorough investigation into the questioned flood control projects in Taguig…
The defense on Monday backed the move by senator-judges to exclude a prosecution witness who testified on the firearms…
