Vista Land unit secures $150 million loan facility

MANILA, Philippines — Vista Land & Lifescapes Inc. has secured a $150-million syndicated term loan facility to fund the group’s working capital.

In a stock exchange filing, the listed property developer of the Villar Group said that wholly owned subsidiary VLL International Inc. (VLLI) has entered into a syndicated term loan facility with Sumitomo Mitsui Banking Corp. Singapore branch as mandated lead arranger, underwriter and bookrunner as well as Sumitomo Mitsui Banking Corp. as facility agent.

The loan was obtained at a rate of 6.40509 percent per annum.

As a special purpose entity, VLLI was formed to issue debt securities to repay existing credit facilities, refinance indebtedness and for acquisition purposes.

Vista Land said that the obligations of VLLI under the loan facility are guaranteed by the company and its subsidiaries namely Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vistamalls Inc. and Vista Residences Inc.

“The proceeds of the term loan facility will be used for financing, refinancing or reimbursing (directly or indirectly) working capital and general corporate purposes of the VLL Group,” Vista Land said.

Vista Land boasts the largest and most geographically diverse portfolio in the country, covering 147 cities and municipalities across 49 provinces.