Vista Land prices P5B bond offer

Vista Land & Lifescapes Inc. (VLL) on Monday announced the interest rates for a bond offering of up to P5 billion this week.

The property developer said the seven-year bonds due 2024 is priced at 5.7512 percent per year, while the 10-year bonds due 2027 carries an interest rate of 6.2255 percent.

The Securities and Exchange Commission (SEC) approved last week the bond offer of P3 billion, with an oversubscription option of up to P2 billion.

The bonds will be offered from July 18 to July 27, 2017 through sole underwriter China Bank Capital Corp. The issuance date has been set on August 4, 2017.

"VLL expects total net proceeds of approximately [P4,932,017,375] after fees, commissions and expenses," according to the prospectus on the bond float.

"The net proceeds of the offer bonds shall be used to fund the construction and completion of the Evia Lifestyle Center Expansion and the development, construction and completion of Vistamall Malolos, as well as for general corporate purposes," it added. — Jon Viktor Cabuenas/VDS, GMA News