December 1, 2023

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Vista Land signs P10B corporate note facility

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VILLAR-LED property developer Vista Land & Lifescapes, Inc. has obtained a three-year corporate note facility of up to P10 billion that it will use to refinance its obligations, the company said on Wednesday.

In a regulatory filing, the listed company said that it had made an initial drawdown of P6 billion at a fixed rate of 7.6139% per annum.

“The proceeds of the corporate notes facility will be used to refinance existing or maturing obligations and for other general corporate purposes,” the company said.

The company has tapped BDO Capital & Investment Corp., China Bank Capital Corp., and SB Capital Investment Corp. as lead arrangers and bookrunners.

China Banking Corp.’s trust and asset management group was also tapped as the facility agent.

Meanwhile, Vista Land subsidiaries Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Vistamalls, Inc. will act as guarantors.

In February, the company disclosed the issuance of P2.9 billion in additional corporate notes, which are due on Dec. 26, 2025, at a 7.2595% fixed interest per annum.

The proceeds from the corporate notes were also used for refinancing obligating and general corporate purposes. 

On Wednesday, shares in Vista Land declined by a centavo or 0.57% to finish at P1.73 each. — Adrian H. Halili


2023-04-05 06:52:15

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