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Manila Bulletin devider Business devider The Stock Market devider Vista Land completes $300-million fundraising

Vista Land completes $300-million fundraising

Published Jul 30, 2024 12:08 am

Vista Land & Lifescapes Inc. of richest Filipino Manuel B. Villar Jr., has raised $300 million through the issuance by wholly-owned subsidiary VLL International Inc. of 9.375 percent senior guaranteed notes due 2029. 

In a disclosure to the Philippine Stock Exchange (PSE), the firm said the notes were issued under VLLI’s $2 billion Medium Term Note Program and are guaranteed by Vista Land and its other subsidiaries.

These subsidiaries are Brittany Corporation, Camella Homes, Inc., Communities Philippines, Inc., Crown Asia Properties, Inc., Vista Residences, Inc., and Vistamalls, Inc.

The notes, which will be listed in Singapore (SGX-ST), were settled on July 29, 2024, and will mature on July 29, 2029.

Vista Land will use the net proceeds for refinancing, working capital, investment and other general corporate purposes, said Vista Land Chief Finance Officer Brian Edang.

Vista Land has tapped DBS Bank Ltd. and HSBC as joint global coordinators, bookrunners, and lead managers. KIS Asia is also a joint bookrunner and lead manager, while Union Bank of the Philippines is the domestic lead manager.

Vista Land’s net income improved by 11 percent to P3 billion in the first quarter of 2024 from P2.7 billion in the same period last year.

The firm said it launched a total of P10.1 billion worth of projects across the country during the period under review.

Vista Land Chairman Manuel B. Villar Jr. said “we remain optimistic with the industry as we continued with our project launches which in turn delivered a 12 percent growth in our reservation sales to P20.8 billion for the quarter.”

“In addition to our existing strategy, we will also aim to solidify our foothold in the horizontal residential market with launches in several areas, specifically in the provinces," he noted 

“Having the widest geographic presence has been one of our strengths and now we have also expanded our offerings to include both horizontal and vertical residential products across the Philippines,” Villar added.

Vista Land President and CEO Manuel Paolo A. Villar said “we allotted a capital expenditure budget of P30.0 billion for the year of which 98 percent will be for residential units’ construction and land development. Land acquisition as well as investment properties construction will account for the remaining two percent of the budget.”

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Manuel B. Villar Jr. Vista Land & Lifescapes Inc. Manuel Paolo A. Villar
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