Vista Land & Lifescapes, Inc., the country’s largest homebuilder and one of the leading integrated property developers, has raised a total of P10 billion with the full issuance of its Three-Year Corporate Note Facility.
In a disclosure to the Philippine Stock Exchange, the firm said it has issued an additional P4 billion worth of corporate notes due April 01, 2026, at a fixed interest of 7.6264 percent per annum p.a.
Earlier this month, Vista Land disclosed that it raised an initial P6 billion from the P10 billion Three-Year Corporate Note Facility at a fixed rate of 7.6139 percent per annum.
The proceeds of both the initial and additional notes issuances will be used by the company to refinance existing or maturing obligations and for the other general corporate purposes.
Vista Land said it had entered into a Corporate Notes Facility Agreement with BDO Capital & Investment Corporation, China Bank Capital Corporation, and SB Capital Investment Corporation as Mandated Lead Arrangers and Bookrunners.
China Banking Corporation – Trust and Asset Management Group was tapped as Facility Agent while Vista Land’s subsidiaries Brittany Corporation, Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Vistamalls Inc. are the Subsidiary Guarantors.
Vista Land posted a 10 percent growth in core net income to P7.7 billion for 2022 after it launched a total of P40.0 billion worth of projects across the country last year—four times higher than the value of projects launched in 2021.
“We remain bullish with the industry for this year especially with the level of our project launches last year. We have a pipeline of projects going into 2023 and we are slated to launch more projects this year as buyer’s confidence is back,” said Vista Land Chairman Manuel B. Villar Jr.
He added that, “We have seen sustained growth in Overseas Filipinos (OF) remittance which is projected to grow by 4 percent this year. Demand from OF remained strong which resulted in the 12 percent growth in our reservation sales to P65.5 billion in 2022.”
“We have also announced our shift to the upscale, vertical and commercial projects in our existing developments through our Vista Estates in various areas around the country.
“To date, we have launched 11 Vista Estate projects in 2022 but this is just the beginning, we will be announcing more Vista Estate projects in the coming months. Our aim is to maximize our existing land to its best use,” Villar noted.