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Vista Land raises additional P300 million from debt market

By Zinnia B. Dela Peña (The Philippine Star) Updated June 25, 2012 12:00 AM

MANILA, Philippines - Villar-led home builder Vista Land & Lifescapes Inc. raised an additional P300 million from the debt market, according to a top company official.

Vista Land chief financial officer Ric Tan said the company raised nearly P5 billion from the issuance of five-year bonds, its first in the domestic bond market.

“We got another P300 million on top of the P4.5 billion raised two months ago. There’s a 60-day window for other buyers to come in. We’re done for the year as far as fund-raising is concerned,” Tan said.

Tan said the company was originally targeting to raise only P3 billion but the issue was upsized to P4.5 billion to meet strong demand from institutional investors.

BDO Capital & Investment Corp. and Investment & Capital Corp. of the Philippines managed the transaction.

Tan said the successful transaction signifies a strong vote of confidence on the company and the Philippines as well.

He also attributed the success to the company’s countrywide expansion strategy. The group, through its flagship brand Camella, is vigorously shoring up its presence in emerging markets across the country.

Camella, a unit of Vista Land that caters to the mid-market segment, maintains strong presence in Metro Manila as well as in 28 provinces and 56 cities and municipalities.

Proceeds from the issuance will be used to partly refinance some of Vista land’s existing debts and fund general corporate expenses.

Aside from Camella, Vista Land also sells homes under Crown Asia, Britanny, Communities Philippines and Vista Residences brands.

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