Vista Land and Lifescapes Inc., the listed property developer chaired by tycoon Manuel Villar Jr., has raised $300 million from the sale of dollar-denominated notes through its wholly owned subsidiary.

In a stock exchange filing, Vista Land said subsidiary VLL International Inc. has completed the issuance of the 9.375 percent senior guaranteed notes due 2029.

The notes were issued under VLL International 's $2 billion medium term note program that was approved early this year for the issuance of dollar denominated notes 'from time to time.'

The notes issued are guaranteed by the Vista Land and other subsidiaries such as Brittany Corp., Camella Homes Inc., Communities Philippines Inc., Crown Asia Properties Inc., Vista Residences Inc. and Vistamalls Inc.

The proceeds of the fund raising activity will be used for refinancing, working capital, investment and other general corporate purposes.

DBS Bank Ltd. and HSBC (B and D) acted as joint global coordinators, joint bookrunners and joint lead managers of the notes issuance.

KIS Asia served as joint bookrunner and joint lead manager, while Union Bank of the Philippines was the domestic lead manager.

Vista Land operates its residential and commercial property development business through six distinct business units.

For this year, the company has earmarked P30 billion in capital expenditures to boost its residential offering and expand its land bank.

Majority or 98 percent of the group's 2024 capex budget will be used for construction and land development of its residential units, while the remaining two percent is allocated for land acquisition and investment properties construction.

Copyright © 2022 PhilSTAR Daily, Inc Provided by SyndiGate Media Inc. (Syndigate.info).