Vista Land to offer $300-M notes

PROPERTY developer Vista Land & Lifescapes Inc. may issue $300 million in senior unsecured fixed-rate notes, which will come from its $2-billion medium-term note program.

The said notes, with a 5-year tenor, will be issued by its unit VLL International Inc., with Vista Land and a number of its units as its guarantors.

The other guarantors were Brittany Corp., Camella Homes Inc., Communities Philippines Inc., Crown Asia Properties Inc., Vista Residences Inc. and Vistamalls Inc.

“The net proceeds will be used for refinancing, working capital, investment and other general corporate purposes,” the company said.

The company has set the interest rate for the notes at 9.5 percent.

DBS Bank Ltd. and HSBC were hired as joint global coordinators, bookrunners and lead managers, KIS Asia as its joint bookrunner and lead manager while Unionbank of the Philippines was tapped as its domestic lead manager.

Tycoon Manuel B. Villar Jr. had said his company is launching the next phase of development for the 3,500-hectare Villar City in the southern part of Metro Manila.

“One year after we launched Villar City, we are now firming up plans for two golf courses, a church, an events arena, a prestigious university, an integrated entertainment complex, a partnership with a renowned hospital, and more road networks to cut travel time across Cavite and Metro Manila, among other features.

These components will be spread throughout Villar City to cater to the evolving needs not only of today’s market but also those of the next generation of homeowners,” he said.

He said this new phase marks his commitment to sustain the development of Villar City—an emerging, expansive megalopolis that connects 15 towns and cities across Metro Manila and Cavite.

Launched in August last year, this massive integrated development is envisioned to become “a thriving community where economic, lifestyle, cultural and leisure activities will converge.”