BILLIONAIRE Manuel Villar-led Vista Land and Lifescapes Inc. (Vista Land) has received regulatory approval from the Securities and Exchange Commission (SEC) to offer to the public P5 billion worth of preferred shares.
Last week, the SEC en banc “resolved to render effective the registration statement of Vista Land covering up to 30 million Series 2 preferred shares, with an oversubscription option of up to 20 million, subject to the company’s compliance with certain remaining requirements.”
The preferred shares will be offered at P100 apiece and will be perpetual, cumulative, non-participating, non-voting, redeemable and non-convertible.
Should the oversubscription option be fully exercised, Vista Land will net P4.94 billion, which it will use to refinance existing debt and for general corporate purposes.
The offer period is from August 20 to September 4. Listing on the Main Board of the Philippine Stock Exchange is scheduled on September 13, according to the latest timetable.
BDO Capital and Investment Corp., China Bank Capital Corp., and SB Capital Investment Corp. were tapped as joint issue managers, joint lead underwriters, and joint book runners for the offer.
Last July 29, Vista Land successfully settled the issuance of $300 million senior guaranteed notes under its $2 billion Medium Term Note Program.
The notes, which carry an interest rate of 9.375 percent, have been listed on the Singapore Exchange Securities Trading Ltd. and will mature on July 29, 2029.
The property developer has said it will use proceeds from the notes issuance for refinancing, working capital, investment, and other general corporate purposes.
Vista Land shares on Monday fell 2 centavos, or 1.38 percent, to P1.43 apiece.
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