ADVERTISEMENT
Manila Bulletin devider Business devider The Stock Market devider SEC approves Vista Land's P5-billion public offering

SEC approves Vista Land's P5-billion public offering

Published Aug 12, 2024 02:39 am

The Securities and Exchange Commission (SEC) has approved the planned P5 billion preferred share offering of Vista Land & Lifescapes Inc., the flagship real estate firm of billionaire Manuel B. Villar Jr.

In its meeting on Aug. 8, the Commission En Banc resolved to render effective the registration statement of Vista Land covering up to 30 million series 2 preferred shares, with an oversubscription option of up to 20 million, subject to the company’s compliance with certain remaining requirements.

The preferred shares, which are perpetual, cumulative, non-participating, non-voting, redeemable, and non-convertible, will be offered at P100 apiece.

Assuming the oversubscription is fully exercised, the listed property developer will net P4.94 billion from the offer. Proceeds will be used primarily to refinance existing debt and for general corporate purposes.

The preferred shares will be offered from Aug. 20 to Sept. 4, in time for listing at the Main Board of the Philippine Stock Exchange (PSE) on Sept. 13, according to the latest timetable submitted to the SEC.

Vista Land tapped BDO Capital & Investment Corporation, China Bank Capital Corporation, and SB Capital Investment Corporation as joint issue managers, joint lead underwriters, and joint book runners for the offer.

The firm reported last week that its wholly-owned subsidiary VLL International Inc. (VLLI), has topped its senior guaranteed notes with a fresh issuance of $50 million for a total issuance of $350 million.

In a disclosure to the PSE, the firm said the new notes will be consolidated and form a single series with the $300 million 9.375 percent senior guaranteed notes due 2029 issued on July 29, 2024.

The new notes were also issued under VLLI’s $2 billion Medium Term Note Programme, and are guaranteed by the company and other subsidiaries namely, Brittany Corporation, Camella Homes, Inc., Communities Philippines, Inc., Crown Asia Properties, Inc., Vista Residences, Inc., and Vistamalls, Inc.

Vista Land raised $300 million through the notes issuance by VLLI Inc. two weeks ago. The notes, which will be listed in Singapore (SGX-ST) was settled on July 29, 2024 and will have a maturity date of July 29, 2029.

The net proceeds will be used by Vista Land for refinancing, working capital, investment and other general corporate purposes, said Vista Land Chief Finance Officer Brian Edang.

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

Vista Land posted an 11 percent improvement in net income 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.

Related Tags

Manuel B. Villar Jr. Vista Land & Lifescapes Inc.
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.