Vista Land & Lifescapes Inc., the property development arm of the Villar Group, said Friday it raised P2.9 billion through the issuance of three-year debt notes due December 2025.
The debt notes pay a fixed interest rate of 7.2595 percent.
Vista Land will use the proceeds from the additional note issuance to refinance existing and maturing obligations and other general corporate purposes.
The company has engaged BDO Capital & Investment Corp. and China Bank Capital Corp. as lead arrangers and bookrunners while Union Bank of the Philippines will be joint lead arranger of the additional debt notes issue.
China Banking Corp.–Trust and Asset Management Group, is named facility agent, while Vista Land’s subsidiaries namely Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and STR are subsidiary guarantors.
In the nine months to September, Vista Land reported a 12 percent year-on-year growth in net profits to P6.68 billion. Its interest-bearing debt at the end of September was down 7 percent on year to P154 billion, with a debt-to-equity ratio of 1.29.
