Vista Land prices retail bonds
Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder, has set the interest rates for its planned 110 billion Fixed Rate Retail Bonds issue.
In a disclosure to the Philippine Stock Exchange, the firm said it has set the rate at 8.00 percent per annum for the Five Year Bonds Due 2023 and at 8.25 percent p.a. for the Seven Year Bonds Due 2025.
The Bonds in the aggregate principal amount of 15 billion with an oversubscription option of up to 15 billion will be issued out of the 120 billion shelf registration of Vista Land, which was rendered effective by the Securities and Exchange Commission on July 18, 2017.
The bonds will be offered by Vista Land through the Issue Manager, Underwriter, and Bookrunner, China Bank Capital Corporation, from December 10, 2018 to December 14, 2018, after the receipt of the Permit to Sell from the SEC.
The bonds are set to be issued on December 21, 2018. Credit Rating and Investors Services Philippines, Inc. has rated the Bonds AAA, which is the highest rating assigned by CRISP.
In the official rating letter issued by the Credit Rating Investor’s Services Philippines, Inc. (CRISP), the debt watcher reaffirmed its highest rating for Vista Land with a Stable Outlook.
This is due to the Company’s sustained leadership in the low cost and affordable housing market, continuing national coverage and strategic landbanking initiatives, and strong financial performance.
CRISP also cited Vista Land’s strong management team and that the Company’s operating model enables it to replicate large-scale housing community projects.
Its scalable, standardized processes and technologies allow the Company to efficiently build and deliver high-quality houses and lot packages.