Vista Land unit returns to offshore debt market to raise $170M

Villar group-led property developer Vista Land & Lifescapes is returning to the offshore bond market with a new issuance of $170 million debt paper, taking advantage of a benign global debt market.

Through wholly owned VLL International Inc., the group executed a subscription agreement with Credit Suisse (Singapore) Ltd., DBS Bank Ltd., and The Hongkong and Shanghai Banking Corp. Ltd., as managers, in connection with the reopening of the company’s existing $200-million senior guaranteed notes due 2027 carrying a rate of 7.25 percent a year.

The last time that the VLL unit ventured into the offshore debt market was in July last year, raising the initial $200 million.

Single series

In a disclosure to the Philippine Stock Exchange on Wednesday, VLL said the New Notes would form a single series with the existing Notes, taking the total issuance size to $370 million.

The new notes will be issued at a reopening yield of 6.5 percent, plus accrued interest. It will be issued at a reopening price of 103.752 percent.

The new debt offering is part of VLL’s $2-billion medium-term notes program, which allows an issuer to offer notes in series or tranches, from time to time. These securities may be issued on the same or different issue dates up to the program limit, subject to compliance with all applicable laws and regulations. —DORIS DUMLAO-ABADILLA