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Manila Bulletin devider Business devider The Stock Market devider Vista Land sets rate for P5 billion preferred share offering

Vista Land sets rate for P5 billion preferred share offering

Published Sep 6, 2024 06:45 am

Vista Land & Lifescapes Inc., the flagship real estate firm of billionaire Manuel B. Villar Jr., has set the price for its planned P5 billion follow-on offering of preferred shares.

In a disclosure to the Philippine Stock Exchange, Vista Land said it is offering up to 30 million Series 2 Preferred Shares with an oversubscription of up to 20 million Series 2 Preferred Shares to be offered as Series 2A Preferred Shares and Series 2B Preferred Shares, at P100 per share.

The initial dividend rate for the Series 2A Preferred Shares has been pegged at 7.9892 percent per annum while the rate for the Series 2B Preferred Shares has been set at 8.4000 percent per annum.

The preferred shares are perpetual, cumulative, non-participating, non-voting, redeemable, and non-convertible.

The shares will be offered to the public from September 16, 2024 to September 25, 2024 with tentative listing date slated for October 4, 2024.

The proceeds of the Offer shall be used to refinance existing indebtedness, purchase, develop, construct or improve assets, property or equipment, and for general corporate purposes.

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

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 recently 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.

Vista Land 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 of the Company 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.

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