Villar-led property developer Vista Land & Lifescapes Inc. has raised P6 billion through the issuance of triple-A rated peso-denominated fixed-rate bonds.
In a stock report on Wednesday, the company disclosed that the bonds consist of Series F bonds priced at 7.5426 percent annually due December 2026, and Series G bonds at 7.6886 percent yearly due December 2028.
Triple A rating
The bonds have been rated AAA by Credit Rating and Investors Services Philippines Inc. or CRISP and PRS Aaa by the Philippine Rating Services Corp.— both the highest ratings assigned by PhilRatings and CRISP.
The bonds issued represent the first tranche of the P35 billion worth of Fixed Rate Bonds, which was registered under shelf registration with the Securities and Exchange Commission.
They were offered through the Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners, China Bank Capital Corporation, SB Capital Investment Corporation and Union Bank of the Philippines.
Delighted with results
"We are delighted with our results, as we remain optimistic about the industry for the rest of the year with the strong GDP growth of 5.9 percent coupled with sustained growth in OF remittance and revenge spending from consumers, all of which contributed to the positive performance of the group," Vista Land chairperson Manuel Villar Jr. said.
Amid a positive growth trajectory, Vista Land saw its net income surge by 70 percent to P8.22 billion for the first nine months of the year from P4.82 billion a year ago.
The company's consolidated revenue from January to September clocked in at P27.4 billion, representing an 18 percent increase.