Vista Land raises P7.7 B via debt notes issuance
Villar-led Vista Land & Lifescapes Inc. has raised P7.7 billion from its latest fundraising activity through the sale of debt notes to bankroll the listed company’s expansion binge.
In a disclosure, Vista Land chief finance officer Cynthia Javarez said the parent company of Starmalls Inc. has obtained facility consisting of seven- and 10-year corporate notes.
The seven-year tenor with a fixed rate of 7.4913 percent per annum amounted to P1.7 billion, while the 10-year corporate notes with a fixed rate of 7.7083 percent per annum reached P6 billion.
Vista Land’s subsidiaries including Brittany Corp., Crown Asia Properties, Camella Homes, Communities Philippines, Vista Residences, and Starmalls have been named as subsidiary guarantors.
Javarez said proceeds of the fund raising activity would be used to finance Vista Land’s capital expenditures for commercial property projects and to fund other general corporate purposes this year.
Vista has committed to spend P175 billion over the next three years to ramp up its property development, leasing, retailing, and other allied businesses until 2020.
Of the total amount, about 60 percent will be devoted to real estate and 35 percent will be spent for leasing and retail businesses.
For this year alone, Vista Land has allocated P50 billion to further expand its real estate and leasing networks.
The company intends to triple its shopping mall network to 60 locations nationwide over the next three years. It is present in about 133 cities and municipalities across 46 provinces.