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Vista Land unit raises $125M from sale of notes

Posted on September 04, 2014 10:19:00 PM [ BusinessWorld Online ]

A UNIT of Vista Land & Lifescapes, Inc. has raised $125 million from the sale of notes, mostly to foreign investors, with the proceeds to fund capital expenditure (capex) and general corporate activities.

The notes, which will be released “on or around” Sept. 11, will be consolidated with the $225-million 7.45% senior guaranteed notes due 2019 issued by VLL International, Inc. (VLLI) on April 29, the Villar-controlled company said in a statement on Thursday.

The notes will have an issue price of 102% of their principal amount, plus accrued interest from April 19, representing a yield to maturity of 6.935%.

“DBS Bank Ltd., the sole global coordinator and sole lead manager of the Issuance, distributed approximately 91% of the Additional Notes outside of the Philippines to a broad range of international investors after receiving over US$300 million in demand,” the statement read.

VLLI, which is incorporated in the Cayman Islands, will apply to the Singapore Exchange Securities Trading Ltd. (SGX-ST) for the listing and quotation of the additional notes.

The company said further information on the transaction will soon be published in an offering circular at the SGX-ST Web site.

The notes will be guaranteed by its parent firm and five other subsidiaries: Brittany Corp.; Camella Homes, Inc.; Crown Asia Properties, Inc.; Communities Philippines, Inc.; and Vista Residences, Inc.

Vista Land’s capex for 2014 is expected to hit P21.6 billion, with P13.2 billion going to construction, P4.6 billion to land development, and P3.8 billion to land acquisition. As of end-June, the company has already spent 48% or P10.4 billion of the budget. -- Daphne J. Magturo      
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