Businessman Manny Villar’s Vista Land & Lifescape Inc. announced that it has raised a $125 million (P5.97 billion) from offshore bond market, which completes the expenditure requirements from external sources for the year.
“With this fund-raising, Vista Land is well-positioned to achieve our targets for residential developments and commercial expansion for 2016. We are extremely pleased with our ability to successfully tap the international bond market despite all the recent market volatility,” Villar, chief executive officer of Vista Land, said in a statement on Tuesday, February 2. He also added that the Vista Land’s ability to access offshore medium-term funds, reflects the strong confidence that credit investors have placed in the company.
The capital was raised by re-tapping into Vista Land’s existing 7.375% senior unsecured bonds due June 2022, off its Medium-Term Note Program. The new funds were raised at a price of 102.000, which represents a yield of 6.979% per annum.The firm also plans to focus on building “Communicities” or integrated urban developments, which combines lifestyle retail, office space, university town, and healthcare themed residential developments and leisure components.
