Vista Land 5-yr bond offer oversubscribed, order book at $350M

Reuters

Posted at Apr 24 2014 06:20 PM | Updated as of Apr 25 2014 02:20 AM

MANILA - Philippine property developer Vista Land & Lifescapes Inc's $225 million five-year bond offer was oversubscribed, with the final order book reaching $350 million, IFR reported on Thursday, citing unnamed people familiar with the deal.

The bonds were priced at 99.284 to yield 7.625 percent, the sources told IFR, a Thomson Reuters publication. Banks, mainly in Asia, bought up to 60 percent of the bonds, IFR added.

Vista Land executives were not immediately available to comment on the details of the bond sale.

Vista Land, in a stock exchange filing, said the bonds are guaranteed by the company and its subsidiaries Brittany Corp, Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc. and Vista Residences Inc.

Proceeds will be used to refinance existing debt and finance capital expenditures, it said.

Besides the new offering, the company also conducted a tender offer to redeem its notes maturing in 2015. The tender expired on Tuesday with the company receiving bids of more than $100 million for the paper, IFR reported.

DBS Bank and HSBC were joint lead managers and joint bookrunners on the offering with BDO Capital and Investment Corp joining as the domestic lead manager, IFR added.