Vista Land & Lifescapes Inc. said Wednesday its board approved a plan to raise P35 billion through the issuance of fixed-rate, peso-denominated bonds within three years.
The listed property development company of billionaire Manuel Villar, a former Senate president and House Speaker, said it initially plans to sell P10 billion worth of bonds, including P4 billion of bonds set aside for oversubscription.
Vista Land said its board has authorized company management to determine such other terms and conditions of the offer, including determination of the interest rate of the bond and the subsequent offerings out of the shelf registration.
The company has mandated China Bank Capital Corp., SB Capital Investment Corp., and Union Bank of the Philippines to act as joint lead underwriters and joint bookrunners for the offer. It said additional disclosures in respect of the offer will be made in due course.
Vista Land is the largest home builder in the country, with a total 300,000 homes built in 46 provinces, and 133 cities and towns across the Philippines.
In the first half of this year, the compay has spent P12.20 billion for capital expenditures, which went mainly for construction and land development.
