• Vista Land secures 2016 funding needs


    $125M offshore bond float covers full-year requirements

    HOUSING mogul Manny Villar’s Vista Land and Lifescapes Inc.’s recent $125-million offshore bond float has the firm’s funding requirements for 2016 all covered.

    In a press statement, Vista Land said it has secured its “anticipated capital expenditure requirements from external funding sources for the year, after successfully raising $125 million in the offshore bond market.”

    Last week, Vista Land disclosed to the Philippine Stock Exchange that it has successfully raised $125 million from its issue of senior guaranteed notes due in June 2022, via its wholly owned subsidiary VLL International Inc.

    This was made through the re-opening of existing 7.375 percent notes also due in June 2022, which are from its Medium Term Note Program.

    The new funds were issued at a cash price of 102.000, representing a yield of 6.979 percent per annum.

    Vista Land is the first Philippine real estate firm to tap the international debt market in 2016.

    Chief Executive Officer Manuel Paolo Villar said Vista Land is now “well positioned” to achieve its targets for residential developments and commercial expansion for 2016, as it was able to raise funds.

    “We are extremely pleased with our ability to successfully tap the international bond market despite all the recent market volatility,” Villar said. “Our ability to access offshore medium-term funds reflects the strong confidence that credit investors have placed in us.”

    Specifically, the money raised will fund Vista Land’s capital expenditure plans for its recently acquired Starmalls, the mall development arm of the Villar family.

    Starmalls owns and operates 10 retail malls and two business process outsourcing commercial centers, with a combined gross floor area of 509,385 square meters.

    “By accessing the international bond market, the company has been able to preserve appetite for future financing requirements in the local peso market,” the company said.


    Please follow our commenting guidelines.

    Comments are closed.