Vista Land secures P 6B from bond offer

Tycoon Manuel Villar Jr.’s Vista Land & Lifescapes Inc. raised P6 billion from the sale of bonds, with the proceeds to be used for refinancing obligations.

This represents the base portion of the entire P10-billion offer, which included a P4-billion oversubscription option.

The bonds, issued under the developer’s P35-billion bond program, were listed on the Philippine Dealing & Exchange Corp. on Wednesday.

“The bonds have been rated AAA by Credit Rating and Investors Services Philippines Inc. (CRISP) and PRS Aaa by the Philippine Rating Services Corporation, which are both the highest ratings assigned by PhilRatings and CRISP,” the builder said.

“The net proceeds shall be used for refinancing of certain maturing loan obligations of the company as well as for general corporate purposes,” Vista Land said in a previous deal prospectus.

It tapped three investment banks as joint issue managers, joint lead underwriters and book runners. These are China Bank Capital Corp., SB Capital Investment Corp. and Union Bank of the Philippines.

Vista Land sustained earnings growth from January to September this year as net income soared 70 percent to P8.2 billion.

See Also

Stiff airline competition drags PAL performance

Revenues during the period reached P27.4 billion, up 18 percent as it rolled out 27 projects this year, which were valued at about P40 billion.

Vista Land ended the first nine months of 2023 with a landbank of nearly 3,100 hectares.

The developer was able to deploy P21.3 billion for capital spending, which mainly went toward construction and land development. INQ