Vista Land raises P500 million via corporate notes

MANILA, Philippines — Vista Land & Lifescapes Inc., the Villar family’s property firm, has secured corporate notes amounting to P500 million to help fund its 2019 capital expenditures.

In a disclosure to the Philippine Stock Exchange yesterday, Vista Land said the additional notes were issued to Sun Life of Canada Philippines Inc., Sun Life Grepa Financial Inc., Sun Life Prosperity Bond Fund Inc., and Sun Life Prosperity Balanced Fund Inc.

The corporate notes are due 2024 and carry a fixed rate of 7.125 percent annually.

“The proceeds of the corporate notes facility will be used to fund the company’s 2019 capital expenditures for commercial property projects, and to fund other general corporate purposes,” Vista Land said.

The property company said the additional notes were issued pursuant to the corporate notes facility agreement last July with PNB Capital & Investment Corp. as mandated lead arranger and bookrunner and Philippine National Bank – Trust Banking Group as facility agent.

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

Vista Land has allotted P40 billion in capital expenditures this year to support its growth as it expects 2019 to be another banner year.

The company posted a net income of P5.8 billion in the first half, up 11 percent from the previous year, while consolidated revenue increased to P23.4 billion.

Vista Land has an established presence in 147 cities and municipalities across 49 provinces as of the end of March 2019. It intends to focus on the development of Communicities – integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.