VISTA Land & Lifescapes, Inc. (VLL) has raised P6 billion from a bond offering as part of its capital-raising activities, the Villar-led listed holding firm told the stock exchange on Wednesday.
VLL’s peso-denominated fixed-rate bond offering consists of Series F bonds at 7.5426% per annum (p.a) due December 2026, and Series G bonds at 7.6886% p.a. due December 2028.
The issuance is the first tranche of its three-year P35-billion fixed-rate bond offering, which received the certificate of permit to offer securities for sale from the Securities and Exchange Commission (SEC) on Nov. 20.
According to VLL, the bonds received an AAA from Credit Rating and Investors Services Philippines, Inc., and PRS Aaa from the Philippine Rating Services Corp. — the highest ratings assigned by the two institutions.
The joint issue managers, joint lead underwriters, and joint bookrunners tapped for the offer were China Bank Capital Corp., SB Capital Investment Corp., and Union Bank of the Philippines.
VLL is tycoon Manuel B. Villar, Jr.’s listed firm engaged in developing residential subdivisions and constructing housing and condominium units.
As of September, VLL recorded a 70% climb in net income to P8.2 billion compared with P4.82 billion a year ago as the company’s nine-month consolidated revenues increased by 18% to P27.4 billion.
Shares of VLL at the local bourse fell three centavos or 1.83% to P1.61 apiece on Wednesday. — Revin Mikhael D. Ochave