Vista Land raises ₧8.6 billion in three-year corporate notes

VISTA Land and Lifescapes Inc., the property development arm of the Villar group, said last Thursday it raised P8.6 billion in threeyear notes.

The said paper has a fixed rate of 7.9314 percent per year.

The amount is part of the P12 billion in three-year corporate note facility it obtained, Vista Land said in its disclosure.

“The proceeds of the corporate notes facility will be used to refinance existing or maturing obligations of the Group and for other general corporate purposes,” it said.

Vista Land said it has entered into a corporate notes facility agreement with BDO Capital and Investment Corp. and China Bank Capital Corp. as its lead arrangers and bookrunners and Union Bank of the Philippines as joint lead arranger. China Banking Corp.-trust and Asset Management Group served as facility agent.

Vista Land’s units Brittany Corp., Crown Asia Properties Inc., Camella Homes, Inc., Communities Philippines Inc., Vista Residences Inc. and Vistamalls Inc. were the subsidiary guarantors to the deal.

Vista Land earlier said it had a net income P6.68 billion in the nine months of the year, a 12 percent increase from last year’s P5.98 billion.

For the period, the company has launched 12 projects with an estimated value of about P21.8 billion. Included in the projects launched are one Crownasia project, five Camella projects and six Vista Estates projects.

The latter are: Aspen in San Jose del Monte, Bulacan; Vidarte in Antipolo, Rizal; Stanza in Tanza, Cavite; Praverde in Dasmarinas, Cavite; Allegria in General Trias, Cavite; and North Commons in Caloocan City. The project value to date now doubles the full year 2021 level.

“Over the last two years we have revisited our reserved lands and we were able to initially identify over 60 potential Vista Estate projects across the country,” Vista Land Chairman Manuel B. Villar Jr. said. “We remain optimistic with the industry with the strong GDP [gross domestic product] growth recently announced coupled with sustained overseas Filipino remittance and revenge spending from consumers. Our aim is to maximize our existing land to its best use.”