Vista Land raises P2.9B via corporate notes issuance

Billionaire Manuel Villar Jr.’s Vista Land & Lifescapes Inc. raised another P2.9 billion from the issuance of corporate notes as part of its debt management activities.

Vista Land said the notes, due on Dec. 26, 2025, will pay a fixed interest rate of 7.2595 percent.

“The proceeds of the additional notes will be used to refinance existing or maturing obligations of the group and for the other general corporate purposes,” Vista Land, one of the country’s biggest housing developers, said in a stock exchange filing on Friday.

The developer said it signed a corporate notes facility agreement with BDO Capital & Investment Corp. and China Bank Capital Corp. as lead arrangers and bookrunners. It also tapped Union Bank of the Philippines as co-lead arranger.

The issuance was part of a P12-billion corporate note facility signed last year. Last December, Vista Land said it issued an initial P8.6 billion from the facility at a fixed interest rate of 7.9314 percent.

Vista Land earlier reported that net income from January to September expanded by 12 percent to P6.7 billion while revenues slipped 5.2 percent to P21.2 billion.

Reservation sales, an indicator of future revenue, climbed 10 percent to P48 billion during the nine-month period.