By Jenniffer B. Austria | Apr. 28,
2014 at 12:01am [ manilastandardtoday.com ]
Vista Land & Lifescapes Inc. said subsidiary VLL International Inc. has
successfully raised $225 million from the sale of five-year notes, marking the
first dollar-denominated bond offering by a Philippine company this year.
Vista Land, a property developer
established by former Senate President Manuel Villar, said in a statement it
issued unsecured five-year dollar-denominated bonds priced at 7.45 percent per
annum.
The company said the bond issuance was
in conjunction with an “any-and-all” cash tender offer targeting Vista Land’s
outstanding $150 million 8.25 percent bonds due 2015. The tender offer was
launched on April 7.
Holders representing $103.765 million
or about 69.02 percent of the outstanding amount of the 2015 bonds tendered
their bonds in response to Vista Land’s invitation.
Vista Land said the positive results
from the tender offer helped drive momentum for the new issue, which garnered a
final order book of about $350 million from 44 accounts.
“This enabled Vista Land to price the
new five-year issuance at a yield of 7.625 percent, representing a 12.5 basis
points tightening from initial guidance of 7.75 percent. The bonds will bear a
fixed interest coupon of 7.45 percent per annum, with interest payable
semi-annually in arrears,” Vista Land said.
Vista Land’s five-year issue
represents the first dollar-denominated bond offering from a Philippine company
in 2014 and saw participation from offshore and institutional investors.
Ronas said that a lot of depots,
contrary to the knowledge of many in the industry, were not owned by shippers
but by private contractors.
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