Vista Land raises P5.15B
Villar group-led property developer Vista Land & Lifescapes Inc. (VLL) is raising P5.15 billion in fresh funds for expansion from an offering of debt notes to select institutional investors.
VLL is selling 10-year corporate notes at a fixed rate of 6.1879 percent per annum, the company disclosed to the Philippine Stock Exchange on Thursday.
Unlike retail bonds, which are sold through a public offering and must go through a more tedious regulatory approval process, corporate notes are a quicker fund-raising option for top-tier corporations as they are sold to no more than 19 selected institutional investors.
“The proceeds of the facility will be used to pre-fund the company’s 2017 capital expenditures and refinance its existing indebtedness, and for other general corporate purposes,” the disclosure said.
VLL entered into a notes facility agreement with various financial institutions as noteholders: China Bank Capital Corp. as the mandated lead arranger and China Banking Corp.–trust group as the facility agent.
The company’s subsidiaries – namely: Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc. and Starmalls Inc. – were designated as subsidiary guarantors.
