A subsidiary of the Villar-led Vista Land and Lifescapes announced it is buying back $65.24 million worth of notes under its debt notes program.
In a disclosure to the Philippine Stock Exchange on Thursday, VLL International Inc. said it would make two transactions under its note program. The first involves the purchase of $54.54 million under its $1-billion medium-term note program.
“The Issuer, the Company and the Subsidiary Gurantors hereby announce the purchase of notes in the aggregate nominal amount of $54,543,000.00 under the Issuers’s $1,000,000,000 Medium Term Note Program,” the disclosure said.
VLL International will also purchase $10.70 million under its $100-million 6.75 percent notes due 2018.
“The notes so purchased will be cancelled in accordance with the terms and conditions of the notes,” the company noted for both transactions.
After the buy back, there will be $370.46 million remaining under the medium term note program, and $51.82 million outstanding for the 6.75-percent notes due in 2018.
In June 2015, Vista Land announced that its board has approved the establishment of a medium term note program by VLL International.
The notes are guaranteed by Vista Land’s subsidiaries Brittany Corp., Camella Homes, Inc., Crown Asia Properties, Inc., Communities Philippines, Inc., Manuela Corp., Masterpiece Asia properties, Inc., Starmalls, Inc. and Vista Residences, Inc.
In the first six months of 2016, Vista Land posted an 11 percent increase in its net income to P3.9 billion from the P3.5 billion registered in the previous year.