Property developer Vista Land & Lifescapes Inc., the real estate arm of billionaire Manuel Villar Jr., raised $300 million from the issuance of US-denominated unsecured fixed-rate notes.
Vista Land said in a disclosure to the stock exchange Tuesday its wholly-owned VLL International Inc. (VLL) completed the issuance of $300 million 9.375 percent senior guaranteed notes due 2029.
It said it would use the net proceeds for refinancing, working capital, investment and other general corporate purposes.
The notes were issued under VLLI’s $2-billion medium term note program and were listed on the Singapore Exchange Securities Trading Ltd.
The notes are guaranteed by the company and its subsidiaries including Brittany Corp., Camella Homes Inc., Communities Philippines Inc., Crown Asia Properties Inc., Vista Residences Inc. and Vistamalls Inc.
Vista Land tapped DBS Bank Ltd. and HSBC as joint global dealers for the transaction and Union Bank of the Philippines as domestic lead manager.
The last time Vista Land issued dollar denominated bonds was in 2020 when it raised $200 million, which it used to refinance loans.
Vista Land also raised P6 billion in December 2023 from the issuance of peso-denominated fixed-rate bonds.
The property developer plans to spend P30 billion for 2024 capital expenditures primarily to finance the construction of residential projects and land development.
Vista Land’s net income jumped 11 percent year-on-year to P3 billion in the first quarter of 2024 on higher revenues from residential and leasing businesses.
First-quarter consolidated revenues reached P10 billion, up 11 percent from a year ago.
Villar earlier said Vista Land would also continue to launch master planned developments through Vista Estates. 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.
