Vista Land & Lifescapes Inc., the real estate firm of the Villar Group, pegged the rates for its planned P10-billion fixed-rate bond offering.
Vista Land said in a disclosure to the stock exchange Tuesday Series F bonds due 2026 would carry an interest rate of 7.5426 percent per annum, while Series G bonds due 2028 would have 7.6886 percent.
The company will offer P6 billion worth of bonds with an oversubscription option for another P4 billion.
The offering represents the first tranche from the company’s P35-billion bond shelf registration program approved by the Securities and Exchange Commission. Offer period will be from Nov. 21 to 29, 2023.
It said the bonds will be issued and listed on the Philippine Dealing & Exchange Corp. on Dec. 6, 2023.
The company said it would use the net proceeds to refinance maturing obligations and for general corporate purposes.
Vista Land tapped China Bank Capital Corp., SB Capital Investment Corp. and Union Bank of the Philippines as joint lead underwriters for the offering.
The bonds were rated AAA by Credit Rating and Investors Services Philippines Inc. and PRS Aaa by the Philippine Rating Services Corp.