Vista Land & Lifescapes Inc., the flagship real estate company of richest Filipino Manuel B. Villar, has set the interest rate for its peso-denominated fixed-rate bonds worth up to P10 billion.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said the rate has been pegged at 7.5426 percent per annum (p.a.), with a tenor of three years due December 2026 Series F and at 7.6886 percent p.a. with a tenor of five years, due December 2028 Series G.
Last Nov. 20, 2023, the Securities and Exchange Commission (SEC) issued the Certificate of Permit to Offer Securities for Sale in relation to the offer, sale, and issuance by the Company Fixed Rate Bonds consisting of P6 billion worth, with an oversubscription option of up to P4 billion.
This represents the first tranche of the P35 billion worth of Fixed Rate Bonds, which was registered under shelf registration.
The bonds is being offered by Vista Land from Nov. 21 to 29, 2023 through the Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners, China Bank Capital Corporation, SB Capital Investment Corporation and Union Bank of the Philippines.
The bonds are set to be issued on Dec. 6, 2023. Vista Land has been rated AAA by Credit Rating and Investors Services Philippines, Inc. (CRISP), while the Bonds have been rated PRS Aaa by the Philippine Rating Services Corporation (PhilRatings), which are both the highest ratings assigned by PhilRatings and CRISP.
Vista Land has renewed its growth trajectory as its net income shot up by 70 percent to P8.22 billion for the first nine months of 2023 from P4.82 billion in the same period last year.
One of the country’s leading integrated property developers and the largest homebuilder, Vista Land said that, as of the end of the third quarter of 2023, it has launched 27 projects with an estimated project value of about P40 billion.
“We are delighted with our results, as we remain optimistic with the industry for the rest of the year with the strong GDP growth of 5.9 percent coupled with sustained growth in OF remittance and revenge spending from consumers, all of which contributed to the positive performance of the group,” said Vista Land Chairman Manuel B. Villar Jr.
He added that, “we have been launching more projects this year which was a factor in the 10 percent growth in our reservation sales to P53.1 billion for the period.”
“With the holiday season approaching, we eagerly anticipate welcoming an increased number of customers to our commercial centers as well as our Overseas Filipinos coming home during the holidays which bodes well for our residential sales,” he said.
Villar noted that, “as we move forward, our aim is to maximize our existing resources specifically our land as we remain committed to our mission of building communities across the Philippines that stand the test of time."
Vista Land's consolidated revenue for the first nine months 2023 registered at P27.4 billion, marking an 18 percent increase.