Vista Land & Lifescapes Inc. on Wednesday said it will raise some P35 billion through the sale of peso-denominated fixed-rate bonds within three years.
The initial tranche involved the offer and issuance of up to P10 billion in fixed-rate bonds consisting of up to P6 billion with an oversubscription option of up to P4 billion, the company said.
Vista Land said its management has yet to determine the terms and conditions of the bond issuance.
The company said it has already issued a mandate for China Bank Capital Corp., SB Capital Investment Corp. and Union Bank of the Philippines to serve as joint lead underwriters and joint bookrunners for the offer.
“Picazo Buyco Tan Fider and Santos shall act as counsel to the company while Romulo Mabanta Buenaventura Sayoc & delos Angeles shall act as counsel to the joint lead underwriters and joint bookrunners,” Vista Land said.
Last month, Vista Land said it closed the first half with a profit of P3.17 billion.
Revenue hit P18.3 billion, up 8 percent from P16.94 billion.
“Real estate revenue registered at P8 billion while rental income amounted to P7.9 billion,” the company said.
It launched a total of P24.3 billion worth of projects across the country during the first half.
Capital expenditures reached P12.2 billion, mainly for construction and land development. Land acquisitions remained muted as the company disclosed that it is looking at maximizing its existing land bank. Vista Land’s land bank currently stands at 3,085 hectares.
“We have been launching more projects this year compared to last year. These launches will form part of our huge project pipeline,” Manuel B. Villar Jr. the company’s chairman, said.
“It’s also a big factor in our reservation sales performance which generated a total of P35.6 billion for the 1st semester which is 12 percent higher from same period last year. Our overall strategy for the group remains to be maximizing our land to its best use.”
The company closed the period with assets of P335.4 billion, with equity at P129.3 billion. Net debt to equity was at 84 percent.
Image credits: www.vistaland.com.ph
