Philippine homebuilder firm Vista Land & Lifescapes Inc disclosed plans to repurchase $450 million worth of guaranteed notes, due within the next two years.
Vista Land informed the stock exchange on Tuesday that its board approved the tender offer made by the company’s wholly-owned subsidiary VLL International Inc (VLLI), to the holders of outstanding $100 million 6.75 per cent guaranteed notes, and $350 million 7.45 per cent guaranteed notes, both due in 2018 and 2019, respectively.
“For this purpose, the Board approved the appointment of The Hongkong and Shanghai Banking Corporation Ltd and DBS Bank Ltd as joint dealer managers and joint lead managers,” Vista Land said in its statement.
Vista Land added the Hongkong and Shanghai Banking Corporation Ltd was also named as the sole structuring advisor, while DF King Worldwide has been appointed as the information and tender agent.
The tender offer, which began on Tuesday, will end on June 10.
The homebuilder recently reported of posting a 10 per cent growth in revenues for the first quarter of 2015 to P6.06 billion from P5.49 billion in the same period last year. Net Income rose by 10 per cent to P1.64 billion during the quarter from P1.49 billion in the comparable period a year ago.
In 2014, Vista Land gained a net income growth of 13 per cent to P5.7 billion, which company claimed to be the highest achieved so far in its history.
Vista Land’s trading price remained at P7.17 since yesterday.