What bear market? Villar raises $125M for Vista land

Manny Villar?s Vista Land & Lifescapes Inc. successfully raised funds offshore despite market volatility stemming from China?s slowdown, continued tensions in the Middle East and Europe?s migration crisis.

Vista Land raised $125 million from the issuance of US dollar-denominated notes, the first dollar bond offering from Southeast Asia this year.

Business World said VLL International Inc., a unit of Vista Land, reopened its existing 7.375 percent notes due June 2022 from its medium term note program. The notes had a cash price of US$ 102 with an annual yield of 6.979 percent.

Vista Land held a roadshow in Singapore, Hong Kong, and London to drum up interest in the bonds, the first Asean corporate and the first non-China, high yield, US dollar issue in the international capital market this year.

Offshore investors accounted for 60 percent of the offer.

Vista Land said it took advantage of an opportunity to tap the overseas bond market to diversify its funding source despite concerns of higher interest rates in the United States.

Vista Land head for investor relations Brian Edang said ?at the end of the day, we are fully hedged so there is no risk on the dollar liabilities.? Proceeds will be used for capital expenditure.

The new issue will be consolidated to form a single series with the $300-million, 7.375-percent senior guaranteed notes due 2022 issued by Vista Land in June 2014.

DBS Bank Ltd. and the Hong Kong Shanghai Banking Corp. acted as joint lead managers and book runners and BDO Capital & Investment Corp. and China Bank Capital Corp. were tapped as joint domestic lead managers.

The notes are guaranteed by Vista Land and its subsidiaries?Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc., Starmalls Inc., Manuela Corp., and Masterpiece Asia Properties Inc. (February 1, 2016)

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