VLL International Inc., a wholly-owned subsidiary of property developer Vista Land & Lifescapes Inc., is set to issue $1-billion medium-term notes to fund capital expenditures and refinance debt.
Vista Land said the senior fixed-rate notes would be used “to fund the tender offer of the existing 2018 and 2019 bonds, to refinance existing indebtedness and for general corporate purposes.”
Other subsidiary guarantors of the loan are Britanny Corp., Camella Homes, Communities Philippines, Inc., Starmalls Inc. and Vista Residences Inc.
Vista Land disclosed “the potential offer, sale and issuance by VLL” of US dollar-senior guaranteed notes, pursuant to the issuer’s $1-billion notes program.
Vista Land was incorporated on Feb. 28, 2007 as the holding company of the Villar family’s Vista Group which is engaged in the development of residential subdivisions and construction of housing and condominium units.
Vista Land also owns 88.34 percent of Starmalls Inc., which is the commercial segment that focuses on the development, leasing and management of shopping malls and commercial centers all over the Philippines and hotel operations.
Vista Land posted P7.146 billion in net income in the first nine months, up 12 percent from P6.381 billion in the same period last year.
The company reported consolidated revenues of P26.9 billion in January to September, an increase of 12 percent from P24 billion a year ago.