Vista Land readies sale of P10b worth of fixed-rate bonds

House and lot developer Vista Land & Lifescapes Inc. plans to issue up to P10 billion worth of fixed-rate retail bonds.

Vista Land said in a disclosure to the stock exchange it would issue up to P5 billion worth of retail bonds with an oversubscription option of as much as P5 billion from its remaining ₱15-billion bond shelf program earlier approved by the SEC.

“The management of the company has been authorized to determine the other terms and conditions of the issuance of the offer bonds as may be advantageous to the company and in accordance with the scope of authority given by the board including, but not limited to, the determination of the interest rate of the offer bonds,” Vista Land said.

The property company of the Villar Group tapped China Bank Capital Corp. to act as the issue manager of the offering.

Vista Land did not say how it would use the proceeds from the planned bond offering. The company has P4.3 billion worth of retail bonds maturing in April next year.

The board of Vista Land also approved the extension of its P3-billion share buyback program until November 2020.

“The board and the management of the company believe that its shares are trading at a price level that is lower than the fair value thereof,” Vista Land said.

Since implementing the buyback program, Vista Land has repurchased 287.2 million shares that were placed under treasury shares. It still has a budget of P1.4 billion for the buyback program.

Share price of Vista Land on Monday closed unchanged at P5.28.

Vista Land is one of the leading integrated property developers in the Philippines and the largest homebuilder in the country overall. 

It provides a wide range of residential products to customers across all income segments and has recently expanded into the mass market retail mall and BPO segments via the acquisition of Starmalls. 

Vista Land has built over 300,000 homes since it began operations in 1977.

Topics: Vista Land & Lifescapes Inc , Villar Group , China Bank Capital Corp , fixed-rate retail bonds
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