Vista Land and Lifescapes Inc., the listed property development arm of the Villar Group, has obtained a three-year corporate note facility of up to P10 billion.
In its disclosure to the stock exchange, Vista Land said it has made an initial drawdown of P6 billion at a fixed rate of 7.6139 percent per annum.
BDO Capital and Investment Corp., China Bank Capital Corp. and SB Capital Investment Corp. were picked as lead arrangers and bookrunners, while China Banking Corp.’s trust and asset management group was tapped as facility agent.
Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc. and Vistamalls Inc. were its subsidiary guarantors.
“The proceeds of the corporate notes facility will be used to refinance existing or maturing obligations and for other general corporate purposes,” the company said.
In February, Vista Land raised an additional P2.9 billion in three-year debt, which is part of the P12 billion in three-year corporate note facility it earlier obtained.
The paper fetched an annual yield of 7.2595 percent, maturing in December 26, 2025.
Vista Land earlier said it had a net income P6.68 billion in the nine months of 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 now doubles 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,” said Manuel B. Villar Jr., Vista Land chairman.