Vista Land & Lifescapes Inc., the real estate arm of billionaire Manuel Villar Jr., said Thursday it issued P12 billion worth of three-year corporate notes.
Vista Land said in a disclosure to the stock exchange it made an initial drawdown of P8.6 billion at a fixed rate of 7.9314 percent per annum.
“The proceeds of the corporate notes facility will be used to refinance existing or maturing obligations of the group and for other general corporate purposes,” Vista Land said.
BDO Capital & Investment Corp., China Bank Capital Corp. and Union Bank of the Philippines are the lead arrangers for the transaction.
Vista Land’s subsidiaries Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc. and Vistamalls Inc. are included as subsidiary guarantors.
The property firm in June also raised P2 billion from the issuance of corporate notes at a fixed interest of 7.2359 percent per annum.
It used the proceeds from the notes issuance also to refinance existing or maturing obligations.
Vista Land, which has been known for its house-and-lot developments, earlier said it would focus on vertical housing developments in cities as land values increased in the past years.
It launched Vista Estates program, which focuses on building an integrated, mixed-use urban projects with commercial, residential and office components.
It plans to launch 44 Vista Estates spanning over 1,400 hectares.
House-and-lot developments account for bulk of the group’s sales. Moving forward, it expects sales from vertical developments to surpass the sales from horizontal developments.
Vista Land nine-month net income jumped 12 percent to P6.68 billion from P5.98 billion reported in the same period last year. Nine-month revenues went down by 5.1 percent to P21.2 billion from P22.4 billion as lower real estate sales offset the higher rental income.
