Property developer Vista Land & Lifescapes Inc. is reviving its plan to raise at least $300 million from the issuance of US dollar-denominated notes.
Vista Land said in a disclosure to the stock exchange Monday its wholly-owned subsidiary VLL International Inc. would issue five-year senior unsecured fixed rate notes under its $2-billion medium term note program (MTNP).
Vista Land is tapping DBS Bank Ltd. and HSBC as joint global dealers for the transaction and Union Bank of the Philippines as domestic lead manager.
It said it would use the net proceeds for refinancing, working capital, investment and other general corporate purposes.
The offering will be guaranteed by the company and subsidiaries Brittany Corp., Camella Homes Inc., Communities Philippines Inc., Crown Asia Properties Inc., Vista Residences Inc. and Vistamalls, Inc.
The notes will be listed on the Singapore Exchange Securities Trading Ltd.
Vista Land also reported in January plans to conduct an overseas bond sale after creating the $2-billion MTNP. It deferred the plan then because of volatile market conditions.
The last time Vista Land issued dollar denominated bonds was in 2020 when it raised $200 million, which it used to refinance loans.
Vista Land also raised P6 billion in December 2023 from the issuance of peso-denominated fixed-rate bonds.
The property developer plans to spend P30 billion for 2024 capital expenditures primarily to finance the construction of residential projects and land development.
Vista Land’s net income jumped 11 percent year-on-year to P3 billion in the first quarter of 2024 on higher revenues from residential and leasing businesses.
First-quarter consolidated revenues reached P10 billion, up 11 percent from a year ago.
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