Vista Land issues ₧2.9-B notes to refinance debts

Vista Land and Lifescapes Inc., the property development arm of the Villar Group, said it has further raised P2.9 billion from the issuance of corporate notes.

The paper fetched an annual yield of 7.2595 percent and will mature on December 26, 2025.

Vista Land has entered into a corporate notes facility agreement with BDO Capital and Investment Corp. and China Bank Capital Corp. as lead arrangers and bookrunners and Union Bank of the Philippines as joint lead arranger.

The company’s units Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc. and Vistamalls Inc. as subsidiary guarantors.

“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 said.

This followed a deal in December in which Vista Land raised P8.6 billion in three-year notes, with a fixed rate of 7.9314 percent per year.

The amount is part of the P12 billion in three-year corporate note facility it obtained, Vista Land said in its disclosure.

Vista Land earlier said recorded a net income P6.68 billion in January to September 2022, a 12 percent increase from the previous year’s P5.98 billion.

For the period, the company has launched 12 projects with an estimated value of about P21.8 billion. Included in the projects launched are one CrownAsia project, five Camella projects and six Vista Estates projects namely, Aspen in San Jose del Monte, Bulacan; Vidarte in Antipolo, Rizal; Stanza in Tanza, Cavite; Praverde in Dasmarinas, Cavite; Allegria in General Trias, Cavite; and North Commons in Caloocan City. The project value to date is double the full year 2021 level.

“Over the last two years we have revisited our reserved lands and we were able to initially identify over 60 potential Vista Estate projects across the country. We remain optimistic with the industry with the strong GDP growth recently announced coupled with sustained overseas Filipino remittance and revenge spending from consumers. Our aim is to maximize our existing land to its best use,” Manuel B. Villar Jr., Vista Land chairman, said.


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