Property developer Vista Land & Lifescapes Inc. on Wednesday said it has raised P6 billion from the sale of Series F and G bonds.
The company has earlier pegged the coupon rate for the Series F bonds at 7.5426 percent due December 2026, and at 7.6886 percent for the five-year tenor Series G, due December 2028.
The company offered an initial P6 billion, with an oversubscription of up to P4 billion, which represents the first tranche of the P35-billion shelf-registered borrowing program of the company filed early this year.
“The bonds have been rated AAA by Credit Rating and Investors Services Philippines, Inc. , and PRS Aaa by the Philippine Rating Services Corp., which are both the highest ratings assigned by PhilRatings and CRISP,” the company said.
The Villar-controlled company said it intends to use the net proceeds to refinance maturing obligations and for general corporate purposes.
The bonds were on sale between November 21 and November 29 and were issued on December 6.
Vista Land tapped China Bank Capital Corp., SB Capital Investment Corp. and Union Bank of the Philippines as joint lead underwriters and bookrunners for the offer with China Banking Corp. Trust and Asset Management Group as the trustees.
Vista Land earlier said its income in January to September was up 70 percent to P8.21 billion from last year’s P4.82 billion.
As of the end of the third quarter, the company has launched 27 projects with an estimated project value of about P40 billion.
“We are delighted with our results, as we remain optimistic with the industry for the rest of the year with the strong GDP growth of 5.9 percent coupled with sustained growth in overseas Filipino remittance and revenge spending from consumers, all of which contributed to the positive performance of the group,” Vista Land Chairman Manuel B. Villar Jr. said.
He said the company has been launching more projects this year which was a factor in the 10-percent growth in its reservation sales to P53.1 billion for the period.
The company’s consolidated revenue for the nine months rose 18 percent year-on-year to P27.4 billion. The growth of real estate revenue went up by 17 percent to P12.15 billion from the previous P10.41 billion, while rental income reached P11.83 billion, up by 15 percent from the previous year’s P10.22 billion.