Property developer Vista Land & Lifescapes Inc. said Wednesday it raised P6 billion from the issuance of fixed-rate bonds.
It listed the bonds on the Philippine Dealing & Exchange Corp. (PDEx), the property developer said in a disclosure to the stock exchange.
The bonds were issued in two series. The Series F three-year bonds due December 2026 will carry an interest rate of 7.5426 percent per annum, while the Series G five-year bonds due December 2028 will have an interest rate of 7.6886 percent.
Vista Land said it plans to use the net proceeds from the bond offering to refinance maturing obligations and for general corporate purposes.
The bonds represent the first tranche from the company’s P35-billion bond shelf registration programs approved by the Securities and Exchange Commission in November.
China Bank Capital Corp., SB Capital Investment Corp. and Union Bank of the Philippines acted as the joint issue managers, joint lead underwriters and joint book runners for the fund-raising activity.
Vista Land received a rating of AAA from local debt watcher Credit Rating and Investors Services Philippines Inc. and PRS Aaa from the Philippine Rating Services Corp.
The bond offering will be the final corporate bond listing for 2023.
Two other firms also issued and listed bonds in the PDEx this month. These were Filinvest Land Inc. (P11.43 billion) and Union Bank of the Philippines (P18 billion).
PDEx had targeted P200 billion worth of corporate bond listings this year, but reduced it to P190 billion due to economic conditions.
It expects bond listings to increase to P400 billion as overall microeconomic conditions start to improve next year.
