By Zinnia B. Dela Peña (The Philippine Star) Updated May 11, 2011 12:00 AM
MANILA, Philippines - Vista Land & Lifescapes Inc., the property holding firm of the family of Sen. Manuel Villar, has raised $75 million from the issuance of additional bonds.
In a disclosure to the Philippine Stock Exchange, Vista Land said it originally planned to issue $50 million in additional bonds but the amount was upsized by $25 million due to strong demand from local and foreign investors. The bond issue was underwritten by UBS.
“We are extremely pleased with the positive market reception to the re-opening of our international bond issue. I believe this is a strong vote of confidence and demonstrates that the financial community has become more comfortable with Vista Land’s credit profile,” said Manuel Paolo Villar, chief financial officer of Vista Land.
For his part, UBS Investment Banking head Lauro Baja said “there is obviously a clearer understanding of Vista Land’s business model and a bright outlook for the company and the property sector as a whole.”
This is the first re-opening transaction ever conducted by Vista Land and the first from a Philippine company for 2011.
Proceeds will be used to partially finance Vista Land’s capital expenditures and for general corporate purposes. The company recently announced a capital expenditure program of approximately P45 billion over the next three years as it accelerates the development of its four major flagship projects – Evia in the Alabang-Las Piñas area; Lakefront in Sucat, Parañaque; Sta. Elena in Sta. Rosa, Laguna; and a Swiss-inspired leisure project, Crosswinds in Tagaytay.
Vista Land recently launched several mid-rise buildings (MRBs) and unveiled plans to build a significant leasing portfolio, signing a long-term agreement with leading retailer Puregold as an anchor tenant in its key developments.
Vista Land is the holding company of five business units: Brittany, Crown Asia, Camella Homes, Communities Philippines and its condominium development subsidiary, Vista Residences. It has the widest geographic presence among all major property developers, with projects in 20 provinces and 47 cities and municipalities around the country.
As of end-December 2010, the company’s total consolidated assets amounted to P60.5 billion.
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