Vista Land & Lifescapes Inc. said Friday it has finalized the details of its follow-on offering of Series 2 preferred shares that would raise fresh funds for the listed property development arm of the Villar Group as much as P5 billion.
The follow-on offer includes a total of 30 million Series 2 preferred shares, with an oversubscription option of up to 20 million additional Series 2 preferred shares.
The shares will be divided into two classes: Series 2A and Series 2B, which will both be offered at a price of P100 each.
Series 2A will carry an initial annual dividend rate of 7.9892 percent while Series 2B will have an initial dividend rate of 8.4000 percent.
Vista Land said proceeds from the preferred shares sale will refinance existing debt, fund assetacquisition or development to boost growth and enhance operational efficiency, and to fund various corporate needs and improve overall business operations.
The follow-on offer is expected to bolster Vista Land’s financial stability and support its ongoing and future projects.
