Posted on June 02, 2015 09:11:00 PM
A UNIT of Vista Land & Lifescapes, Inc. seeks to buy back debt worth a combined $450 million ahead of maturity, the listed homebuilder told the Philippine Stock Exchange yesterday.
AVANT AT THE FORT -- a residential tower developed by Vista Residences -- COMMONS.WIKIMEDIA.ORG/ HOLAV
In a special meeting yesterday, the company’s board of directors allowed wholly owned subsidiary VLL International, Inc. (VLLI) to invite noteholders to tender the notes starting yesterday until June 10.
The transaction involves $350-million 7.45% guaranteed notes due in 2019; and $100-million 6.75% guaranteed notes due in 2018.
The board also appointed The Hongkong and Shanghai Banking Corp. Ltd. (HSBC) and DBS Bank Ltd. as joint dealer managers and joint lead managers.
HSBC is also mandated to be the sole structuring advisor, and DF King Worldwide, the information and tender agent.
In addition, VLLI said it established a medium-term note program that would allow it to issue notes from time to time. The interest rate and other terms and conditions will be subsequently approved by the company.
Vista Land shares lost 10 centavos or 1.38% to close at P7.15 apiece on Tuesday. -- Daphne J. Magturo