Vista Land & Lifescapes Inc., the property development unit of the Villar Group, is returning to the offshore debt market with the establishment of a $2-billion medium-term note program.
Vista Land said in a disclosure to the stock exchange Tuesday its wholly-owned subsidiary VLL International Inc. approved the creation of $2-billion medium term note to be issued in tranches.
The other terms of the offering such as interest rate and size of the offering are subject to the company’s approval. It tapped DBS Bank Ltd. and HSBC as the dealers for the planned fund-raising activity.
Vista Land’s subsidiaries Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines Inc., Vistamalls Inc. and Vista Residences Inc. will guarantee the notes.
The last time Vista Land issued dollar-denominated bonds was in 2020 when it raised $200 million which it used to refinance its loans.
Vista Land successfully raised P6 billion through the issuance of peso-denominated fixed-rate bonds in December. The offering consisted of Series F bonds at 7.5426 percent per annum due December 2026 and Series G bonds at 7.6886 percent per annum due December 2028.
It represented the first tranche of the company’s P35-billion bond shelf registration program approved by the Securities and Exchange Commission in November. The bonds were rated AAA by Credit Rating and Investors Services Philippines, Inc. and PRS Aaa by the Philippine Rating Services Corp.
Vista Land chalked up a net income of P8.2 billion in the first three quarters of 2023, up 70 percent year-on-year on aggressive project launches.
Nine-month consolidated revenues jumped 18 percent to P27.4 billion from a year ago as real estate revenue rose 17 percent to P12.2 billion, while rental income increased 15.7 percent to P11.8 billion.
