Vista Land secures P14.5B to fund capex from corporate notes

Villar-led Vista Land & Lifescapes Inc. (VLL) has raised P14.5 billion from a corporate notes facility for the company’s 2019 spending program.

In a regulatory filing submitted by chief financial officer Brian Edang, the company said it obtained a facility consisting of five-year corporate notes amounting to P14.5 billion, at a fixed rate of 7.125% per annum.

“The proceeds of the corporate notes facility will be used to fund the company’s 2019 capital expenditures for commercial property projects, and to fund other general corporate purposes,” the disclosure read.

VLL has said it expected to launch at least P60 billion worth of projects this year, from P51.7 billion in 2018.

It has tapped PNB Capital & Investment Corp. as lead arranger and bookrunner.

VLL subsidiaries Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc., and Starmalls Inc. are the subsidiary guarantors.

The company and its subsidiaries develop and sell residential lots and units, and residential high-rise condominiums.

It also owns 100% of VLL International Inc., which was incorporated in the Cayman Islands.

Shares of VLL closed Monday at P7.70, down 5 centavos or 0.65% from the previous close of P7.75 per share on Friday. —Jon Viktor Cabuenas/VDS, GMA News