Vista Land & Lifescapes Inc., the flagship real estate firm of richest Filipino Manuel B. Villar Jr., said its wholly-owned subsidiary VLL International Inc. (VLLI) has topped its senior guaranteed notes with a fresh issuance of $50 million, bringing the total to $350 million.
In a disclosure to the Philippine Stock Exchange (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. These notes were issued on July 29, 2024, bringing the total issuance size of the series to $350 million.
The new notes were also issued under VLLI’s $2 billion Medium Term Note Programme and are guaranteed by the company and its 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 last week. The notes, which will be listed in Singapore (SGX-ST), were settled on July 29, 2024, and will mature on 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.
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 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 that “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 said.
“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 noted.
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," he added.