Vista Land & Lifescapes Inc., the real estate arm of billionaire Manuel B. Villar Jr., has successfully secured $300 million by issuing unsecured fixed-rate notes denominated in US dollars.
The listed firm informed the local bourse on Tuesday that its wholly-owned subsidiary, VLL International Inc. (VLL), completed the issuance of $300 million in 9.375 percent senior guaranteed notes maturing in 2029.
Vista Land will earmark the freshly generated funds for refinancing, working capital requirements, investments and other general corporate purposes.
These notes were issued under VLLI's $2-billion medium-term note program and were listed on the Singapore Exchange Securities Trading Ltd.
Guarantees secured from subsidiaries
According to Vista Land, it secured guarantees from its subsidiaries, including Brittany Corp., Camella Homes Inc., Communities Philippines Inc., Crown Asia Properties Inc., Vista Residences Inc. and Vistamalls Inc., for issuing their notes.
DBS Bank Ltd. and HSBC served as joint global dealers for the transaction, while Union Bank of the Philippines acted as the domestic lead manager.
Vista Land's recent bond issuance signifies its return to the dollar-denominated bond market after a successful $200-million fundraising in 2020. The proceeds from that previous issuance were strategically allocated to refinance existing loans, ensuring the company's financial stability.
To recall, Vista Land has earmarked P30 billion in capital expenditures to fortify its residential offerings and enhance its land portfolio this year.
The company’s residential and commercial property development operations are organized into six business units. Its portfolio includes over 100 investment properties, encompassing 42 malls, 56 commercial buildings and seven office structures.