Vista Land bond interest rate at nearly 6%
Credit to Author: Tyrone Jasper C. Piad| Date: Thu, 28 Nov 2019 16:17:34 +0000
VISTA Land & Lifescapes Inc. said on Thursday its P10-billion fixed retail bonds would carry a 5.6992-percent interest rate annually.
In a disclosure, the Villar-led property company said the bonds had a tenor of five years and six months and were due June 2025.
The bonds have a principal amount of P5 billion with an oversubscription allotment of up to P5 billion.
The principal amount would be issued from what remained of the firm’s registration program approved on July 18, 2017.
The oversubscription option would be issued from its new P30-billion shelf registration program that the Securities and Exchange Commission approved this week.
The bonds may be redeemed at “101 percent of the principal amount on the third year or at 100.5 percent on the fourth anniversary of the issuance,” Vista Land said.
The firm aims to raise as much as P9.86 billion to fund the construction of malls and redevelopment of existing ones, development of condominium projects, and for general corporate matters.
Vista Land intends to issue and list the bonds on December 12.
The offering recently received a PRS Aaa rating with a stable outlook from Philippine Rating Services Corp.
Vista Land saw its third-quarter net income surge by 11.61 percent to P9.06 billion from P8.12 billion in the same period last year.
Real estate revenues, which accounted for 76 percent of the topline figures, rose by nearly 7 percent to P26.21 billion from last year’s P24.58 billion.
The company has built more than 400,000 residential units, 31 malls, 52 commercial centers and seven office buildings.
Vista Land shares declined by 2 centavos or 0.26 percent to end at P7.60 each on Thursday.