Vista Land to redeem $150 M in debt notes

MANILA, Philippines—Vista Land & Lifescapes is making an offer to redeem ahead of maturity $150.34 million worth of debt notes due in 2015.

The board of Vista Land has approved the company’s invitation to holders of these guaranteed notes carrying an interest rate of 8.25 percent per annum to tender any and all of the notes for purchase by the property company, according to a disclosure to the Philippine Stock Exchange.

Vista Land has appointed The Hongkong and Shanghai Banking Corp. Ltd. and DBS Bank Ltd. as joint dealer managers, BDO Capital & Investment Corp. as domestic dealer manager and DF King Worldwide as information and tender agent for the tender offer.

The board has likewise approved the issuance by a wholly owned subsidiary Vista Land International Inc. of new notes subject to terms to be approved by the management and subject to market conditions.

Earlier, Vista Land has indicated plans to debut on the local bond market with an offering of as much as P5 billion. The maiden domestic bond offering was cited as part of VLL’s overall strategy to diversify its sources of funding. The proceeds will partly finance the commercial developments of its subsidiaries.

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