Vista Land seeks $2 billion from new borrowing push

Vista Land & Lifescapes Inc. is considering raising more funds through a $2-billion, medium-term borrowing program for which it can issue US dollar-denominated debt notes in tranches.

The Villar group unit said in a disclosure on Tuesday its wholly owned subsidiary VLL International Inc. has approved the fundraising activity.VLL is tapping DBS Bank Ltd. and HSBC as dealers for the transaction.

The offering will be guaranteed by the company and subsidiaries Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vistamalls Inc. and Vista Residences Inc.The company approved this borrowing plan after launching its P10-billion bond offer in November 2023. That offer consisted of a P6-billion base offer and P4-billion oversubscription option.

Net proceeds from the bond transaction were earmarked for refinancing of maturing loans and general corporate matters.

China Bank Capital Corp., SB Capital Investment Corp. and Union Bank of the Philippines were the joint issue managers, joint lead underwriters and bookrunners for the bond sale.

As of the end of September 2023, Vista Land has launched 28 projects worth P40 billion.

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Meanwhile, the company’s leasing portfolio comprises over 1.6 million square-meters of gross floor area across 45 malls, 56 commercial centers and seven office buildings. The company’s landbank covers 3,087 hectares across the country.

Manuel Paolo Villar, Vista Land president and CEO, earlier said that they were consistently enhancing their residential business by offering more vertical and upscale projects, while their leasing sector is maintaining its growth trajectory.

In January to September 2023, the homebuilder saw its net income surge by 70 percent to P8.2 billion. Revenues jumped 18 percent to P27.4 billion. —Tyrone Jasper C. Piad INQ