Vista Land raises P10 billion from sale of peso bonds

Homebuilder Vista Land & Lifescapes Inc. successfully raised P10 billion from the issuance of fixed-rate peso bonds due 2025.

Vista Land said in a disclosure to the stock exchange institutional investors bought P7.74 billion of the bonds while retail investors purchased P2.25 billion.

The series E bonds, which carry an interest rate of 5.6992 yearly, will be issued and listed on Philippine Dealing & Exchange Corp. on December 18.

Vista Land will issue P5 billion in bonds from its remaining shelf registration approved by the Securities and Exchange Commission in 2017 and sell the oversubscription portion of P5 billion out of the P30 billion in new shelf registration approved by the regulator last month.

Joint issue managers and joint lead underwriters China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. handled the bond sale.

Vista Land has been rated AAA by Credit Rating and Investors Services Philippines Inc., while the bonds were rated PRS Aaa by Philippine Rating Services Corp., both highest ratings.

Vista Land plans to use the net proceeds from the offering to fund the construction and completion of several malls, redevelopment of outlets, building of condominium projects and for general corporate purposes.

Vista Land is developing eight new malls in San Ildefonso (Bulacan), Korondal (South Cotabato), General Santos, Bulakan (Bulacan), Zamboanga City, Tugueragao (Cagayan) and Mactan (Cebu).

It is also redeveloping four malls, namely Starmall Edsa, Starmall Alabang, Starmall San Jose Del Monte and Vistamall Pampanga.

The firm early this month entered into a joint venture partnership with Mitsubishi Estate Co. Ltd., a leading comprehensive real estate developer in Japan, to develop a mixed-use condominium project along Taft Avenue, Manila.

The planned 32-story condominium offers more than 1,000 units, plus seven floors of parking spaces and one ground floor featuring several commercial establishments. 

It is set to be launched in the first half of 2020, with turnover scheduled in the second half of 2024.

Topics: Vista Land & Lifescapes Inc. , Philippine Dealing & Exchange Corp. , Securities and Exchange Commission
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