Vista Land & Lifescapes, Inc., the real estate arm of billionaire Manuel Villar Jr., announced Friday its plan to issue additional corporate notes amounting to P2.9 billion, which will be used to refinance its debts and other general purposes.
Vista Land said in a disclosure to the stock exchange the additional corporate notes would be due on Dec. 26, 2025 at a fixed interest of 7.2595 percent per annum.
“The proceeds of the additional notes will be used to refinance existing or maturing obligations of the group and for other general corporate purposes,” the company said.
It signed a corporate notes facility agreement with BDO Capital & Investment Corp. and China Bank Capital Corp. as lead arrangers and book runners and Union Bank of the Philippines as joint lead arrangers.
Vista Land tapped China Banking Corp.-Trust and Asset Management Group as facility agent and Vista Land subsidiaries Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc. and STR as subsidiary guarantors.
Vista Land issued P12 billion worth of three-year corporate notes in December last year. It made an initial drawdown of P8.6 billion at a fixed rate of 7.9314 percent per annum.
The property firm also raised P2 billion from the issuance of corporate notes at a fixed interest of 7.2359 percent per annum in June.
Vista Land has been known for its house-and-lot developments but said it would focus on vertical housing developments in cities as land values increased in the past years. Alena Mae S. Flores
It launched the Vista Estates program, which focuses on building integrated, mixed-use urban projects with commercial, residential and office components.
It plans to launch 44 Vista Estates spanning over 1,400 hectares.