The Securities and Exchange Commission (SEC) has approved the preferred share offering of Vista Land & Lifescapes Inc., which would allow the Villar family’s real estate arm to raise close to P5 billion in fresh funds.

The regulator said on Monday that the Commission En Banc, in its meeting last 8 August, “resolved to render effective” the registration statement of Vista Land covering up to 30 million series 2 preferred shares.

The offering has an oversubscription option of up to 20 million, subject to the company’s compliance with certain remaining requirements.

The preferred shares, which are perpetual, cumulative, non-participating, non-voting, redeemable and non-convertible, will be offered at P100 apiece.

For debt refinancing

If the oversubscription is fully exercised, the listed property developer anticipates netting P4.94 billion from the offer. The primary use of these proceeds will be to refinance existing debt and serve general corporate purposes.

From 20 August to 4 September, Vista Land will offer preferred shares in preparation for their listing on the Philippine Stock Exchange’s Main Board on 13 September, as outlined in the most recent schedule submitted to the SEC.