Vista Land raises R7.7 B from corporate notes facility
Vista Land & Lifescapes, Inc., an integrated property developer controlled by the Villar family, has raised R7.7 billion through a corporate notes facility.
In a disclosure to the Philippine Stock Exchange, the firm said the facility consists of Seven-Year Corporate Notes amounting to R1.7 billion at a fixed rate of 7.4913 percent per annum and Ten-Year Corporate Notes amounting to R6 billion at a fixed rate of 7.7083 percent per annum.
“The proceeds of the corporate notes facility will be used to fund the Company’s 2018 capital expenditures for commercial property projects, and to fund other general corporate purposes,” Vista Land said.
Vista Land has entered into a Corporate Notes Facility Agreement with China Banking Corporation, China Bank Savings, Inc., and Security Bank Corporation as Note Holders, China Bank Capital Corporation and SB Capital Investment Corporation as Joint Lead Underwriters.
It has also tapped China Bank Capital Corporation as Sole Issue Manager and Sole Bookrunner and China Banking Corporation – Trust and Asset Management Group as the Facility Agent.
Vista Land’s subsidiaries Brittany Corporation, Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Starmalls, Inc., were named as Subsidiary Guarantors.
Earlier, Vista Land President Manuel Paolo Villar said they are planning to raise about R10 billion from the debt market in the latter part of the year to help fund its R50-billion capital expenditure program.
“I remain confident about the prospects for our company. In addition to the expansion of our rental spaces, which provides stability to our existing core and stable end-user housing business, we will continue to launch and open projects in new areas across the Philippines as we get on with our next 100 new cities and municipalities in addition to what we had at the end of 2017,” said Villar.