Vista Land eyes return to dollar debt market

MANILA, Philippines–Villar-led property developer Vista Land & Lifescapes is returning to the US dollar debt market to raise fresh funds for expansion with the issuance of new five-year debt notes.

In a disclosure to the Philippine Stock Exchange on Wednesday, VLL said its wholly owned subsidiary VLL International Inc. (VLLI) would offer additional US dollar-denominated notes which, upon issuance, will form a single series with the 7.45 percent senior guaranteed notes due 2019 issued by the same subsidiary last April 29.

The notes will be guaranteed by the parent company VLL as well as other subsidiaries including Brittany Corp., Camella Homes, Inc., Crown Asia Properties Inc., Communities Philippines Inc. and Vista Residences Inc.

VLL did not say how much additional US dollar debt it intended to raise. During the April issuance, VLL International sold $225 million notes.–Doris C. Dumlao