Vista Land starts investor calls for $2-B notes

Vista Land & Lifescapes Inc., the flagship property development firm of richest Filipino Manuel B. Villar, is reaching out to overseas investors to raise fresh funds under the $2-billion medium term note program of subsidiary VLL International Inc.

In a disclosure to the Philippine Stock Exchange (PSE), the country’s largest home developer said it has mandated DBS Bank Ltd. and HSBC as Joint Lead Managers and Joint Bookrunners to arrange a series of fixed income investor calls Friday, Jan. 26.

“An issuance of Regulation S Senior Unsecured US$-denominated 5NC3-year notes may follow, via a drawdown from the VLL International, Inc.’s newly established US$2bn MTN Programme, subject to market conditions,” Vista Land said.

It added that, “any Notes will be issued by VLL International, Inc., and be unconditionally and irrevocably guaranteed by the Company and certain Company’s subsidiaries as subsidiary guarantors.”

Vista Land said proceeds from any notes issued may be used for refinancing, working capital, investment and other general corporate purposes.

The notes are guaranteed by Vista Land and its subsidiaries namely Brittany Corporation, Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vistamalls, Inc., and Vista Residences, Inc., together with other ancillary agreements.

Early last December, Vista Land successfully raised P6 billion through the issuance of triple-A rated peso-denominated fixed-rate bonds.

The firm said the bonds consisted of Series F bonds priced at 7.5426 percent per annum due December 2026 and Series G bonds at 7.6886 percent p.a. due December 2028.

The bonds have been rated AAA by Credit Rating and Investors Services Philippines Inc. (CRISP) and PRS Aaa by the Philippine Rating Services Corporation, which are both the highest ratings assigned by PhilRatings and CRISP.

The bonds issued represent the first tranche of the P35 billion worth of Fixed Rate Bonds under shelf registration with the Securities and Exchange Commission.

They were offered through the Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners, China Bank Capital Corporation, SB Capital Investment Corporation and Union Bank of the Philippines.

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The article was originally published in Manila Bulletin and written by James A. Loyola.