MANILA, Philippines - Vista Land & Lifescapes' offshore unit is raising $225 million (around P10 billion) from the sale of five-year bonds.
In a disclosure, Villar-led Vista Land said its subsidiary VLL International has executed a subscription agreement with joint bookrunners and joint lead managers DBS Bank and HSBC Ltd. for the offer, sale and issuance of $225 million in senior guaranteed notes due 2019.
The notes, which have a interest rate of 7.45%, are guaranteed by Vista Land and its subsidiaries Brittany Corporation, Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., and Vista Residences, Inc.
"The proceeds of the Notes issue will be used to refinance the Company’s existing indebtedness, partially finance its capital expenditures and for general corporate purposes," the company said.
Vista Land had earlier said it is setting aside P21 billion for capital expenditures this year.