$103M Vista Land bonds tendered for redemption
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MANILA, Philippines–Holders of about $103.765 million worth of bonds issued by leading housing developer Vista Land & Lifescapes have offered to sell back the notes to the company ahead of 2015 maturity.
The debt notes tendered to Vista Land accounted for 69 percent of the $150.34 million worth of debt notes carrying an interest rate of 8.25 percent per annum that the Villar-led property developer has offered to redeem one year ahead of maturity.
In a disclosure to the Philippine Stock Exchange on Wednesday, Vista Land said it had received valid tender offers from holders of these $103.765 million worth of guaranteed notes prior to the deadline on April 22.
“The company, in accordance with the terms of the offer, expects to announce whether it will accept any tender offers submitted on or around April 24, 2014,” Vista Land said.
Vista Land earlier appointed HSBC 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 property developer is now planning to debut on the local bond market with an offering of as much as P5 billion, an exercise already approved by the Securities and Exchange Commission.
