VLL International Inc., a unit of Vista Land & Lifescapes Inc., is looking to raise at least USD500 million from the issuance of five-year senior unsecured fixed-rate notes by 29 July.
An initial price guidance of 9.50 percent was set for the bond, which will not be registered with the U.S. Securities and Exchange Commission since it will be issued outside the US and to non-US investors. The bonds will be guaranteed by Vista Land.
The benchmark bond offer is part Vista Land’s USD2 billion medium term note program.
The listed property arm of the Villar Group said the net proceeds of the bond, which will mature in July 2029, will be used to refinance debt as well as fund working capital, investment and other general corporate purposes.
DBS Bank Ltd. and HSBC were engaged as joint global coordinators, joint Bookrunners and joint lead manager while the domestic lead manager is Union Bank of the Philippines.
