PROPERTY developer Vista Land and Lifescapes Inc. on Monday said it secured a permit from the Securities and Exchange Commission to sell its P10-billion fixed rate bond offer.
The debt consists of five-year bonds with an interest rate of 8 percent per annum and seven-year bonds with a yield of 8.25 percent a year.
In its earlier disclosure, the company said it has already secured board approval to sell to the public P10 billion in fixed-rate retail bonds, half of which is its principal amount and the remaining is its oversubscription option. It will get the amount from its remaining P15 billion shelf-registered bonds with the Securities and Exchange Commission.
Vista Land is present in 145 cities and municipalities across 47 provinces in the country, and is moving closer to its target of reaching 200 cities and municipalities.
The company launched residential projects worth P38 billion during the first nine months of the year ending September, most of which were in the low and affordable segment and outside Metro Manila.
The company also increased its leasing portfolio to 1.16 million square meters of gross floor area.
To date, the company has 26 malls, seven office buildings and over 50 commercial centers.
The company has already undertaken several liability-management exercises to lower its cost of borrowings, extend debt maturities and improve debt covenants.
The company maintains a strong balance sheet with a net debt to equity of 0.71 as of end September.