Bilyonaryo - Business

Manny Villar’s Vista Land issues P2B worth of notes to refinance debt

Vista Land & Lifescapes Inc. has approved the issuance of additional corporate notes amounting to P2 billion.
In a disclosure to the stock exchange, VLL said the notes are due in 2027 at a fixed rate of 7.2359 percent per annum. Proceeds of the additional notes issuance will be used to refinance existing or maturing obligations and for the other general corporate purposes.
The additional notes were issued to Union Bank of the Philippines pursuant to the corporate notes facility agreement by and among VLL as Issuer, SB Capital Investment Corp. and Security Bank Corp.
VLL’s subsidiaries include Brittany Corp., Crown Asia Properties, Camella Homes, Communities Philippines, Vista Residences, and STR.
The company plans to build 44 masterplanned townships in cities where it already has residential projects, making good on its promise to create superior product offerings and deliver excellent long-term investment growth.