Posted on September 24, 2013 10:35:05 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Vista Land & Lifescapes, Inc. may issue up to $150 million worth of dollar bonds to refinance debts, a top company official said last weekend.
“We are looking at it, depending on market conditions,” Vista Land Chairman Manuel B. Villar, Jr. told reporters when asked if the company was planning to issue dollar bonds.
“We’re still feeling the market, we will know next week.”
Asked how much Vista Land needs, Mr. Villar replied: “$100-150 million.”
Proceeds of the fund raising will be used “partially to refinance debts,” the former senator said.
Mr. Villar said the company has appointed UBS AG as its financial adviser.
The company in the second quarter borrowed P6 billion from banks mainly to bankroll capital expenditures.
Vista Land, the country largest home builder, is present in 63 cities and municipalities under the brands Camella, Crown Asia, and Brittany, according to its Web site.
Its profit jumped by 17.89% to P2.57 billion in the first semester from P2.18 billion in the same period last year. This, as revenues climbed by 21.34% to P10.52 billion from P8.67 billion, while the cost and expenses went up by 22.97% to P7.87 billion from P6.40 billion.
The company has planned to spend P18.6 billion this year, with nearly P10 billion allotted for new projects and the rest for land acquisition.
The company spent around P12 billion last year.
Shares of Vista Land lost eight centavos or 1.47% to close P5.37 apiece yesterday from P5.45 each on Monday. -- C. H. C. Venzon