Richest Filipino Manuel B. Villar’s property development firm, Vista Land & Lifescapes Inc. is planning to raise up to $2 billion through wholly-owned subsidiary VLL International Inc.
Vista Land, one of the country’s leading integrated property developers and the largest homebuilder, disclosed to the Philippine Stock Exchange (PSE) that VLL International has approved the establishment of a $2 billion Medium Term Note Program.
Under this program, it may from time to time issue US dollar-denominated notes in such amount, with interest rate, and under such other terms and conditions as the management of Vista Land or the VLL International may subsequently approve or ratify.
Accordingly, VLL International is expected to execute a Programme Agreement to be dated on or about Dec. 29, 2023 with DBS Bank Ltd. and HSBC, as dealers, for the offer, sale and issuance of the notes.
The notes are guaranteed by Vista Land and its subsidiaries namely Brittany Corporation, Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vistamalls,Inc., and Vista Residences Inc., together with other ancillary agreements.
Early last December, Vista Land successfully raised P6 billion through the issuance of triple-A rated peso-denominated fixed-rate bonds.
The firm said the bonds consisted of Series F bonds priced at 7.5426 percent per annum due December 2026 and Series G bonds at 7.6886 percent p.a. due December 2028.
The bonds have been rated AAA by Credit Rating and Investors Services Philippines Inc. (CRISP) and PRS Aaa by the Philippine Rating Services Corporation, which are both the highest ratings assigned by PhilRatings and CRISP.
The bonds issued represent the first tranche of the P35 billion worth of Fixed Rate Bonds, which was registered under shelf registration with the Securities and Exchange Commission.
They were offered 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.