PH realty firm Vista Land raises $300m from 7-year debt offer

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Philippine’s largest homebuilder Vista Land & Lifescapes Inc, through its subsidiary VLL International Inc, has raised $300 million from the sale of seven-year corporate notes priced at 7.375 per annum.

This is the first seven-year tenor Notes issued by its parent firm under its $1 billion debut medium term note program, the company disclosed to the Philippine Stock Exchange on Monday.

“The Notes were issued as part of the Company’s liability management exercise designed primarily to extend the Company’s US dollar notes due 2018 and 2019,” Vista Land said in its statement.

“Proceeds from the offering will primarily be used for refinancing, general working capital purposes and other general corporate purposes,” its disclosure added.

Only last week, Vista Land offered to buy back its $100 million notes due 2018 and $350 million notes due 2019. At the end of the tender offer period, the company accepted an aggregate of about $206.7 million notes tendered by noteholders.

Also read: PH’s Vista Land to repurchase $450m notes

The homebuilder’s growing brand name within the Philippines credit space was rewarded with a $1 billion order book, its largest ever but most of the allocation went to investors who participated in the tender offer.

The new Notes were also widely distributed with banks accounting for around 52 per cent, fund managers for 40 per cent, and private banks for 8 per cent. Geographically, Asia took up 91 per cent with Europe at 9 per cent.

“Asian offshore participation was sizeable with combined allocations of 51 per cent, achieving the company’s objectives of diversifying away from its onshore investor base,” Vista Land reported.

HSBC was sole structuring advisor and together with DBS Bank Ltd, both serves as joint dealer managers on the tender offer.

Meanwhile, BDO Capital & Investment Corporation were the domestic dealer manager.

DBS Bank Ltd. and HSBC acted as joint global coordinators, joint lead managers and joint bookrunners for the new notes issuance while BDO Capital & Investment Corporation and China Banking Corporation acted as joint domestic lead managers.

Vista Land has so far built 300,000 homes in 86 cities and municipalities in 35 provinces nationwide.

The company’s last trading price dropped 0.56 per cent or 0.040 to close at P7.04.

Also read:

PH dealbook: China Bank, San Miguel Corp

PH Dealbook: Splash to buy-back $2.26m shares, ICTSI sells 60% shares in NICTI

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.