Vista Land & Lifescapes Inc. said Tuesday its unit, VLL International Inc., has established a USD2 billion medium-term note program to raise funds for the various real estate projects of former Senate President Manuel Villar.
Vista Land said it has engaged DBS Bank Ltd. and HSBC as dealers for the offer, sale and issuance of US dollar-denominated debt notes that may be issued by VLL International from time to time, depending on the group’s funding needs.
The medium-term debt is guaranteed by Vista Land and its subsidiaries Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines, Vista Residences Inc., and listed Vistamalls Inc.
In the nine months through September, Vista Land has spent P21.3 billion of its P28 billion capital expenditure budget for 2023, mostly for construction and land development. It launched a total 28 projects in the first nine months last year worth an estimated P39.5 billion.
Vista Land uses bank loans, retail peso bonds, US dollar bonds and corporate notes as funding sources. It owns a land bank that total 2,675 hectares and shares in joint ventures land banking a total 411 hectares.
