Vista Land raises P13.6B via 5-year corporate notes

Vista Land & Lifescapes Inc. (VLL) has secured a five-year corporate notes facility worth P13.61 billion to refinance existing obligations and support its general corporate requirements.

The property giant led by billionaire Manny Villar said in a disclosure on Monday that it had already drawn P7.22 billion from the facility, which carries a fixed interest rate of 7.8947 percent a year.

The initial drawdown represents more than half of the total amount approved under the financing deal.

The company said proceeds from the notes facility would be used primarily to refinance maturing or existing debt across the group, while the rest would be allocated for other general corporate purposes.

The transaction provides VLL with longer-term funding and greater flexibility in managing its liabilities.

China Bank Capital Corp. acted as the sole arranger and bookrunner for the facility.

China Banking Corp., through its trust and asset management group, will serve as facility and paying agent, as well as notes registrar and security trustee.

Guarantees

Several VLL subsidiaries provided guarantees for the notes facility, including Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc. and Vistamalls Inc., reflecting group-wide support for the financing.

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Vista Land is reputedly the country’s largest integrated property developer in terms of geographic reach, with residential projects spanning economic, mid-income and high-end segments under brands, such as Camella, Crown Asia, Brittany and Vista Residences.

The company also has a growing portfolio of retail and commercial assets, primarily operated through Vistamalls, which manages malls and lifestyle centers located near its residential developments.

In past disclosures, Vista Land has said it continues to focus on managing leverage, refinancing near-term maturities and expanding recurring income from its commercial properties, while maintaining its core housing business nationwide.