SEC approves Vista Land bonds totaling ₱10 billion
The Securities and Exchange Commission (SEC) has approved the shelf registration for ₱30 billion worth of fixed rate bonds of integrated property developer Vista Land & Lifescapes, Inc.
The SEC will issue the corresponding order of registration and permit to sell securities upon the publicly listed company’s compliance with certain conditions.
Vista Land will issue the bonds in tranches within a period of three years from the effective date of the registration statement.
The firm intends to issue the first tranche comprising fixed rate Philippine peso bonds in the amount of ₱5 billion, along with an oversubscription option of up to ₱5 billion.
The offer bonds will have a tenor of five years and six months from issue date.
Vista Land may redeem in whole the outstanding bonds at 101 percent of the principal amount on the third year or at 100.5 percent on the fourth anniversary of the issuance.
Vista Land plans to issue and list the bonds at the Philippine Dealing & Exchange Corporation on December 12.
China Bank Capital Corporation, PNB Capital and Investment Corporation, and SB Capital Investment Corporation will act as joint issue managers, lead underwriters, and bookrunners for the offer.
The company expects to net ₱9.86 billion from the initial offer, assuming the oversubscription option is fully exercised.
The proceeds will fund the construction and completion of various malls, redevelopment of existing malls and the construction of condominium projects, as well as for general corporate purposes.