Vista Land and Lifescapes Inc. said it has secured a five-year corporate note franchise for P13.61 billion to refinance its debts and fund general corporate needs.
The Villar-led property developer said it has initially drawn P7.22 billion from the facility at a fixed annual interest rate of 7.8947 percent.
The facility was arranged by China Bank Capital Corp., with China Banking Corp. acting as facility and paying agent, notes registrar, and security trustee. Several Vista Land units, including Brittany Corp., Crown Asia Properties, Camella Homes, Communities Philippines, Vista Residences, and Vistamalls, served as guarantors.
Earlier this month, Vista Land settled P3.5 billion worth of retail bonds that matured in December using advances from its majority shareholders. The company also faces debt maturities of about P10 billion in April next year and another P10 billion by December 2026.
For the first nine months ending September, Vista Land reported a 4 percent increase in net income to P9.46 billion, while revenues rose 2 percent to P28.39 billion.
Real estate sales grew 3 percent to P13.98 billion, driven by higher completion rates of sold properties. Brittany Corp.’s sales doubled to P2.37 billion on strong demand for high-end homes in Metro Manila, while Vista Residences’ sales fell 19 percent to P3.08 billion due to fewer completed or ongoing condominium projects.
