Property developer Vista Land and Lifescapes Inc. may issue a $300 million in senior unsecured fixed-rate notes, which will come from its $2 billion medium term note program.
The five-year note will be issued by VLL International Inc., with Vista Land and a number of its units as guarantor.
Other guarantors include Brittany Corp., Camella Homes Inc., Communities Philippines Inc., Crown Asia Properties Inc., Vista Residences Inc. and Vistamalls Inc.
“The net proceeds will be used for refinancing, working capital, investment and other general corporate purposes,” the company said.
The company has set an initial price of 9.5 percent for the notes.
DBS Bank Ltd., HSBC were hired as joint global coordinators, bookrunners and lead managers, KIS Asia as its joint bookrunner and lead manager while Unionbank of the Philippines was its domestic lead manager.
Vista Land earlier launched the next phase of development at the 3,500-hectare Villar City south of Metro Manila.
“One year after we launched Villar City, we are now firming up plans for two golf courses, a church, an events arena, a prestigious university, an integrated entertainment complex, a partnership with a renowned hospital, and more road networks to cut travel time across Cavite and Metro Manila, among other features. These components will be spread throughout Villar City to cater to the evolving needs not only of today’s market but also those of the next generation of homeowners,” businessman Manuel B. Villar said.
