The Securities and Exchange Commission (SEC) has approved a three-year plan by Villar-led property developer Vista Land & Lifescapes to raise as much as P30 billion from retail bond offerings.
The SEC also approved a plan by electronics manufacturer Cirtek Holdings Philippines Corp. to issue as much as P2 billion worth of commercial papers.
On the P30-billion shelf registration approved by the SEC, Vista Land will issue these in several tranches within a period of three years from the effective date of the registration statement.
The first tranche will have a base offering size of P5 billion plus an oversubscription option of up to P5 billion. The offer bonds will have a tenor of five years and six months from issue date.
Vista Land plans to issue and list the bonds on December 12 this year, based on the latest registration statement submitted to the SEC.
China Bank Capital Corp., PNB Capital and Investment Corp., and SB Capital Investment Corp. will act as joint issue managers, lead underwriters, and bookrunners for the offer.
For its part, Cirtek plans to issue the commercial papers either in lump sum or in tranches within three years from the date of effectivity of the registration statement.
Cirtek plans to offer the commercial papers in three series: 91-day (series A) worth P500 million, 182-day (series B) worth P500 million, and 364-day (series C) worth P1 billion.
The company has engaged Multinational Investment Bancorporation as underwriter for this fund-raising.