Vista Land rolls out P10-B bond sale

PIAZZA Evia mall, the crown jewel of Vista Land’s development in the south —photo from vistamalls.com.ph

MANILA  -Tycoon Manuel Villar Jr.-led Vista Land & Lifescapes Inc. kicked off on Tuesday a P10-billion bond offer that is part of the property giant’s P35-billion debt program.

Vista Land said the offer period will run through Nov. 29 this year. The issue date has been set on Dec. 6, 2023.

The bond sale, comprising a P6 billion base offer and P4 billion oversubscription option, will be issued in two classes. Series F or three-year bonds due 2026 will pay a fixed interest rate of 7.5426 percent per year while Series G five-year bonds due 2028 will pay a fixed interest rate of 7.6886 percent.

“The net proceeds shall be used for refinancing of certain maturing loan obligations of the company as well as for general corporate purposes,” Vista Land said in its latest deal prospectus.

Vista Land tapped three investment banks as joint issue mangers, joint lead underwriters and bookrunners. These are China Bank Capital Corp., SB Capital Investment Corp. and Union Bank of the Philippines.

Vista Land sustained earnings growth during the first nine months of the year as net income soared 70 percent to P8.2 billion.

Revenues from January to September reached P27.4 billion, up 18 percent versus the same period in 2022 as it rolled out 27 projects this year that were valued at about P40 billion. It noted that growth was driven by real estate revenues, which climbed 17 percent to P12.2 billion while rental income hit P11.8 billion during the nine-month period.

Vista Land ended September with assets of P337.8 billion and equity of P130.9 billion. It deployed P21.3 billion for capital spending, mainly for construction and land development. INQ