SEC approves Vista Land shelf registration for P20-B bonds
THE Securities and Exchange Commission (SEC) on Thursday approved the shelf registration of Vista Land & Lifescapes, Inc. for fixed-rate bonds worth P20 billion.
The Villar-led real estate developer’s initial offering will be worth P3 billion with an oversubscription option of P2 billion to be issued in up to two series. This includes Series A bonds that will mature in seven years, and Series B bonds due 10 years from the issuance.
The bonds will be listed and traded at the Philippine Dealing and Exchange Corp.
The final interest rate for the offer has yet to be determined by the company.
Vista Land looks to net a total of P4.93 billion should it exercise the overallotment portion of the offer. The proceeds will be used to finance the construction and completion of the Evia Lifestyle Center Expansion, the development, construction, and completion of Vistamall Malolos, and also for general corporate purposes.
This year, the Villar-led firm has allocated P35.3 billion in capital expenditure for the expansion of it rental spaces, alongside its plan to move to 100 new cities.
Vista Land posted a net income of P2.3 billion in the first quarter of 2017, up by 11% from the P2.1 billion it generated in the same period a year prior.
Vista Land currently operates its residential property development business through six units, namely Brittany Corporation, Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc. and mall operator Starmalls, Inc.
The company’s residential developments range from socialized and affordable, middle income and high-end subdivision house and lots, as well as condominium projects.
Shares in VLL traded flat at P5.97 each on Thursday. -- Arra B. Francia