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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