Vista Land & Lifescapes Inc. plans to raise as much as P35 billion from the fresh offering of fixed-rate bonds.
In a stock exchange filing, VLL said its board approved the issuance of bonds in tranches within a period of three years.
VLL will initially offer up to P10 billion fixed-rate bonds, consisting of up to P6 billion with an oversubscription option of up to P4 billion.
The company’s board has also authorized management to determine such other terms and conditions of the offer, including, but not limited to, the determination of the interest rate of the bonds.
VLL has tapped China Bank Capital Corp., SB Capital Investment Corp. and Union Bank of the Philippines to act as joint lead underwriters and joint bookrunners for the offer.
It will continue its aggressive expansion in the second half after launching 50 projects in the first six months.
VLL has a vast land bank spanning 3,085 hectares across the country.