The Securities and Exchange Commission approved the planned debt securities offering of Vista Land & Lifescapes Inc. and Cirtek Holdings Philippines Corp.
The SEC in a meeting held November 26 approved the P30-billion bond shelf registration program of Vista Land and the P2-billion commercial paper issuance of Cirtek Holdings.
Vista Land will issue an initial tranche worth P5 billion with an oversubscription option of up to P5 billion. The bonds will have a tenor of five years and six months from issue date.
Vista Land may redeem in whole the outstanding bonds at 101 percent of the principal amount on the third year or at 100.5 percent on the fourth anniversary of the issuance.
Vista Land plans to issue and list the bonds on December 12. China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. will act as joint issue managers, lead underwriters and book-runners of the bond sale.
Vista land plans to use the net proceeds from the offering to fund the construction and completion of several malls, redevelopment of outlets and the construction of condominium projects and general corporate purposes.
Philippine Rating Services Corp.(PhilRatings) earlier assigned a credit rating of PRS Aaa, with a stable outlook on Vista Land’s bonds offering slated next month.
Cirtek Holdings, meanwhile, will issue the commercial paper either in lump sum or in tranches within three years from the date of effectivity of the registration statement.
The company will offer the commercial paper in three series: 91-day, Series A worth P500 million, 182-day Series B worth P500 million and 364-day Series C worth P1 billion.
The offering period will begin upon or immediately after approval of the commercial paper sale by the SEC.
The company tapped Multinational Investment Bancorporation as underwriter.
It will use the proceeds from the offering to refinance debt and cover working capital requirements.
