Villar’s Vista Land returns to offshore bond market | Inquirer Business

Villar’s Vista Land returns to offshore bond market

Offers $225M in 5-year notes at 7.45% a year

Property developer Vista Land and Lifescapes Inc. is returning to the offshore debt market with an offering of $225 million in five-year debt notes.

The notes due 2019 are priced to yield 7.45 percent a year and will be issued by Vista Land’s wholly owned subsidiary VLL International Inc. The notes are guaranteed by Vista Land and its subsidiaries, namely Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc. and Vista Residences Inc.


In a disclosure to the Philippine Stock Exchange (PSE) Thursday, the Villar-led company said VLL International had executed a subscription agreement with the joint bookrunners and joint lead managers, DBS Bank Ltd. and HSBC Ltd.

The company said that the proceeds from the issuance would be used to refinance debt, partially cover capital expenditures and for general corporate purposes.


Vista Land earlier announced an offer to redeem one year ahead of maturity $150.34 million in overseas debt notes carrying an interest rate of 8.25 percent a year. Holders of about $103.76 million of these notes agreed to sell back the securities to the company ahead of the 2015 maturity.

The offshore debt issuance is part of Vista Land’s liabilities management alongside the retirement of old offshore debt paper. This effectively replaces old debt with cheaper notes and likewise lengthens debt maturity.

In May last year, Vista Land sought consent from holders of the notes due 2015 to amend the terms governing the securities.

Earlier, Vista Land was also 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.

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TAGS: Business, offshore bond market, property development, Vista Land
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