Homebuilder Vista Land & Lifescapes Inc. has raised P1.7 billion from the issuance of fixed-rate corporate notes.
Vista Land said in a disclosure to the stock exchange the corporate notes carried a term of seven years at a fixed rate of 7.4913 percent a year and 10 years at 7.7083 percent yearly.
“The proceeds of the corporate notes facility will be used to fund the company’s 2018 capital expenditures for commercial property projects, and to fund other general corporate purposes,” Vista Land said.
Vista Land issued the notes to China Banking Corp., China Bank Savings Inc., and Security Bank Corp.
China Bank Capital Corp. and SB Capital Investment Corp. were the joint lead underwriters for the fundraising activity.
Vista Land’s subsidiaries, namely Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc. and Starmalls Inc. acted as subsidiary guarantors.
Vista Land earlier said it would spend P50 billion in capital expenditures for 2018. It also plans to launch at least P50 billion worth of residential projects.
Vista Land reported a 13-percent growth in net income to P2.6 billion in the first quarter of the year from P2.3 billion year-on-year, driven by the sustained growth momentum of its core residential business and the contribution from the leasing business.
Consolidated revenues in the first three months of 2018 ended at P10.1 billion, up 12 percent from P9 billion a year ago.
Leasing revenues during the quarter increased 14 percent to P1.6 billion from P1.4 billion on the year.
Vista Land had a presence in 141 cities and municipalities across 47 provinces as of end-March.
Share price of Vista Land on Friday fell 0.8 percent to P6.05.