SEC OKs Vista, Cirtek debt issuances

MANILA, Philippines — The Securities and Exchange Commission (SEC)  has given its green light to Vista Land & Lifescapes Inc. and Cirtek Holdings Philippines Corp. to proceed with their respective debt sale.

Villar-owned Vista Land plans to raise P30 billion from the sale of fixed rate bonds filed under the SEC’s shelf registration facility.

Cirtek Holdings, meanwhile, plans to sell P2 billion worth of commercial papers.

Vista Land plans to issue the first tranche of P5 billion, along with an oversubscription option of up to P5 billion on Dec. 12.

The offer bonds will have a tenor of five years and six months from issue date.

Vista Land, which has various residential and commercial projects, expects to net P9.9 billion from the offer, assuming the oversubscription option is fully exercised.

Proceeds will fund the construction and completion of various malls, redevelopment of existing malls and the construction of condominium projects, as well as for general corporate purposes.

China Bank Capital Corp. PNB Capital and Investment Corp. and SB Capital Investment Corp. will act as joint issue managers, lead underwriters, and bookrunners for the offer.

The balance will be issued within a period of three years.

 Cirtek Holdings, meanwhile, will issue the commercial papers either in lump sum or in tranches within three years, according to its registration statement.

The global technology company plans to offer the commercial papers in three series: 91-day, Series A worth P500 million, 182-day Series B worth P500 million, and 364-day Series C worth P1 billion, proceeds of which would be used to refinance existing debt and cover working capital requirements.

Cirtek Holdings aims to raise P1.9 billion in net proceeds to refinance existing debt and cover working capital requirements.

The company has engaged Multinational Investment Bancorp. as underwriter.

The fixed rate bonds and commercial papers will be listed and traded at the Philippine Dealing & Exchange Corp.

Cirtek is a major global technology firm and electronics manufacturer.