MANILA, Philippines — Vista Land & Lifescapes Inc. has raised another $50 million from the issuance of fixed rate notes through its wholly owned subsidiary.
In a stock exchange filing, the listed property developer of the Villar Group said VLL International has topped its senior guaranteed notes with a fresh issuance of $50 million.
The new notes will be consolidated to form a single series with the $300 million 9.375 percent senior guaranteed notes due 2029 issued on July 29.
This brings the total issuance size of the series to $350 million.
The proceeds will be used for refinancing, working capital, investment and other general corporate purposes.
Vista Land said the new notes were issued under the $2-billion medium term note program of VLL International.
Early this year, VLL International approved the establishment of the note program for the issuance of dollar denominated notes “from time to time.”
The new notes are guaranteed by the company and its subsidiaries namely, Brittany Corp., Camella Homes Inc., Communities Philippines Inc., Crown Asia Properties Inc., Vista Residences Inc. and Vistamalls Inc.
Vista Land has earmarked P30 billion for its capital expenditures this year to boost its residential offering and expand its land bank.
Majority or 98 percent of the budget will be used for construction and land development of its residential units, while the remaining two percent would be used for land acquisition as well as investment properties construction.
Through six distinct business units, Vista Land operates its residential and commercial property development business.
Camella Homes, Communities Philippines, Crown Asia, Brittany and Vista Residences are focused on residential property development, while Vistamalls is involved in commercial property development.
Be the first to comment