Villar-led property developer Vista Land and Lifescapes Inc. said it will again tap the offshore bond market, proceeds of which will be used to pay its maturing debt in 2022.
In its disclosure, the company said it may issue a fixed-rate dollar notes through its wholly-owned unit VLL International Inc.
The company said it mandated DBS Bank Ltd., HSBC as joint global coordinators, joint lead managers and joint bookrunners, and Credit Suisse as joint lead manager and joint bookrunner. These banks were asked to arrange a series of fixed income investor calls on Wednesday.
It did not give further details on the debt issuance.
According to its report, the company has at least $363 million in notes maturing in 2022.
On June 18, 2015, Vista Land issued a seven-year $300 million notes, which carry an interest rate of 7.375 percent. As of March 31, the outstanding balance of the said debt note amounted to $238 million, the company said in its previous report.
On February 2, 2016, an additional unsecured note of $125 million were floated, with the same terms and conditions of the previous note offering. The notes, which will also mature in 2022, were issued at 102 percent representing a yield to maturity of 6.979 percent.
For the first quarter of the year, Vista Land said leasing and residential businesses allowed its income last year to grow 10 percent to P11.6 billion, from P10.5 billion in 2018.
Consolidated revenues grew 7 percent to P44.4 billion, from P41.5 billion in the previous year, the company said.
Leasing income posted an increase of 20 percent to P8.5 billion, while revenues from real estate grew 3 percent to P32.8 billion.
Manuel Paolo Villar, the company’s president and CEO of Vista Land, said the company will refocus on utilizing its existing portfolio of investment properties as well as utilize its current land bank of about 3,000 hectares.
“We saw that demand for affordable housing persists and homebuyers, most of which are end users, remain committed to completing payments. Vista Land also is taking advantage of its geographic reach. We have a presence in 147 cities and municipalities across the country and generate over 50 percent of our revenue outside Metro Manila,” he said.