Villar-led Vista Land raises notes issue to P4.8-B

MANILA, Philippines – Due to brisk demand for Vista Land & Lifescapes’s debt issue, the Villar-led property development firm decided to further raise the issue size to P4.5 billion from the original P3 billion.

In a statement on Wednesday, August 1, Vista Land said the fixed rate unsecured 5-year corporate notes were upsized “to accommodate the oversubscription from institutional investors.”

Vista Land President and CEO Manuel Paolo Villar said the strong demand for the corporate notes is “a strong vote of confidence from the financial community,” prompting them to raise the issue by another P300 million from the P4.5 billion level in April.

The firm said they will use the proceeds from the offering to partially finance some of its outstanding debt and to finance general corporate needs.

Sen. Manuel B. Villar, chairman emeritus and founder of Vista Land, and his son, Paolo, led other company officials in a signing ceremony on Wednesday, August 1. Also present were the top officers of Maybank, BDO Capital, ICCP and the legal advisors to the transaction.

Vista Land CFO Richard B. Tan, Jr. this fund raising “confirms that our countrywide expansion strategy has been very effective, and that the company’s continued growth and widening leadership in housing is being recognized in both the debt and equity markets.”

It is set to launch 32 residential subdivision projects in 2012 with a sales value of P32 billion. It launched 23 projects in 2011, including residential condominiums, valued at P21 billion.

The company is projecting another record year this 2012 with a 20% growth from its P11.32 billion revenues in 2011.

Vista Land is the holding company of five business units, namely, Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences. – Rappler.com