Vista Land raises additional R4.85 B from sales of notes

Vista Land & Lifescapes, Inc. (VLL), one of the country’s leading integrated property developers, has raised an additional R4.85 billion from the issuance of more corporate notes due 2026, at a fixed interest of 6.2255 percent per annum.

In a disclosure to the Philippine Stock Exchange, the firm said “the proceeds of the Additional Notes will be used to fund VLL’s 2017 capital expenditures and refinance its existing indebtedness, and for other general corporate purposes.”

The Additional Notes were issued to Rizal Commercial Banking Corporation and China Banking Corporation pursuant to the Corporate Notes Facility Agreement dated December 28, 2016 (as supplemented and amended on April 27, 2017) between and among VLL as Issuer, various financial institutions as Note Holders.

For the issue, VLL has tapped China Bank Capital Corporation as the Mandated Lead Arranger and RCBC Capital Corporation as the Co-Lead Arranger, and China Banking Corporation – Trust Group as the Facility Agent.

Vista Land’s subsidiaries namely Brittany Corporation, Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and STR, are Subsidiary Guarantors of the issue.

Last December, Vista Land raised P5.15 billion through a 10-year corporate notes facility at a fixed rate of 6.1879 percent per annum.

“The proceeds of the Facility will be used to pre-fund the Company’s 2017 capital expenditures and refinance its existing indebtedness, and for other general corporate purposes,” said Vista Land.

For 2017, Vista Land has raised its capital expenditures budget by 13 percent to R35 billion.

Vista Land President Manuel Paolo A. Villar said about P9 billion of this year’s capex will be allotted for its leasing business, both office and retail, while the balance will be for construction and land acquisition.