The Securities and Exchange Commission (SEC) said Monday it approved the P5-billion preferred share offering of property developer Vista Land & Lifescapes Inc.
The SEC said it approved Vista Land’s registration of up to 30 million series 2 preferred shares, with an oversubscription option for another 20 million, subject to the company’s compliance with certain remaining requirements.
The preferred shares, which are perpetual, cumulative, non-participating, non-voting, redeemable and non-convertible, will be offered to the public at P100 apiece.
Assuming the oversubscription is fully exercised, the listed property developer would net P4.94 billion from the offer.
Vista Land said it would use the proceeds from the fund-raising activity to refinance existing debt and for general corporate purposes.
The preferred shares will be offered from Aug. 20 to Sept. 4, in time for listing at the main board of the Philippine Stock Exchange on Sept. 13, according to the latest timetable submitted to the SEC.
Vista Land tapped BDO Capital & Investment Corp., China Bank Capital Corp. and SB Capital Investment Corp. as joint issue managers, joint lead underwriters and joint book runners for the offer.
The property firm in July also raised $300 million from the issuance of US-denominated unsecured fixed-rate notes through its wholly-owned subsidiary VLL International.
It also raised another $50-million senior guaranteed notes last week. Both the $50-million and $300-million notes issuances were issued under VLL’s $2-billion medium-term note program.
The new notes are guaranteed by Vista Land, Brittany Corp., Camella Homes, Inc., Communities Philippines, Inc., Crown Asia Properties Inc. and Vista Residences Inc.
Vista Land is the property arm of tycoon Manuel Villar. As of end 2023, it had 26 master planned developments under Vista Estates.
Aside from residential and estate development, Vista Land also operates 42 malls, 56 commercial buildings and seven office buildings spanning 1.6 million square meters.
