Property developer Vista Land and Lifescapes Inc. on Wednesday said it has completed the sale of Series F and G bonds and raised an initial P6 billion.
The company has earlier priced the coupon at 7.5426 percent for the batch maturing in three years, Series F due December 2026, and at 7.6886 percent for Series G, due December 2028.
The company is offering an initial P6 billion with an oversubscription option of up to P4 billion representing the first tranche of the P35 billion shelf-registered borrowing program it filed early this year.
“The bonds have been rated AAA by Credit Rating and Investors Services Philippines, Inc. and PRS Aaa by the Philippine Rating Services Corp., which are both the highest ratings assigned by PhilRatings and CRISP,” the company said.
The Villar-owned company said it plans using the net proceeds to refinance maturing obligations and for general corporate purposes.
The bonds went on sale between 21 to 29 November and issued on 6 December.
Vista Land tapped China Bank Capital Corp., SB Capital Investment Corp. and Union Bank of the Philippines as joint lead underwriters and bookrunners with China Banking Corp. Trust and Asset Management Group as the trustees.
Vista Land earlier reported income over nine months this year up 70 percent to P8.21 billion from last year’s P4.82 billion.
As of the end of the third quarter, the company already launched 27 projects with estimated project value of P40 billion.
Vista Land chairman Manuel B. Villar Jr. said the company launched more project this year that helped make possible the 10 percent growth in its reservation sales to P53.1 billion.
