Vista Land scores P13.6B to pay debt

Villar-led Vista Land & Lifescapes, Inc. is shoring up its financial runway after securing P13.61 billion in fresh funding from a five-year corporate note facility. 

In a disclosure on Monday, Vista said it has already made an initial drawdown of up to P7.22 billion from the facility at a fixed interest rate of 7.8947 percent annually.

Vista said the proceeds will be used to “refinance existing or maturing obligations of the Group and for the other general corporate purposes,” a move that helps ease near-term debt pressures and gives the property developer greater financial flexibility.

The company said it entered into a Corporate Notes Facility Agreement with China Bank Capital Corp. as the sole arranger and bookrunner. 

At the same time, China Banking Corp., through its Trust and Asset Management Group, will serve as facility and paying agent, notes registrar, and security trustee.

Vista added that its subsidiaries—Brittany Corporation, Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Vistamalls, Inc.—will act as subsidiary guarantors for the facility.

The fundraising allows Vista Land to manage its balance sheet better while maintaining access to long-term funding from the local capital market, the company said.