Vista Land subsidiary to issue $350 million of debt notes

VLL International Inc., a subsidiary of listed Vista Land & Lifescapes Inc. is issuing debt notes valued at $350 million and falling due in 2024.

The company will partly use the proceeds from the issuance to redeem previous bond floats due in 2018 and 2019.

In a regulatory filing, Vista Land said the Cayman Islands-based subsidiary has set a fixed interest of 5.75 percent for the 2024 notes.

The issuance is under the company's $1-billion medium-term notes program.

"The notes are unconditionally and irrevocably guaranteed by the company and subsidiary guarantors and are expected to be issued on 28 November 2017," it said.

VLL tapped DBS Bank Ltd. and the Hongkong and Shanghai Banking Corporation Limited as joint lead managers and bookrunners for the issuance.

The proceeds will be used "to fund the tender offer of the existing 2018 and 2019 bonds, to refinance existing indebtedness and for general corporate purposes,” the company said.

According to the company, it will purchase on November 29 all the 2018 and 2019 notes using Citibank, N.A., London Branch as paying agent.

Vista Land has five other wholly-owned subsidiaries: Brittany Corporation, Crown Asia Properties Inc., Vista Residences Inc., Camella Homes Inc., and Communities Philippines Inc.

The companies develop and sell residential lots and units and high-rise condo projects.

Vista Land also has an 88.34 percent stake in Starmalls Inc., which focuses on developing, leasing, and managing shopping malls and commercial centers all over the country. It is also in the business of hotel operations. — VDS, GMA News