Vista Land eyes P35 billion from bonds

MANILA, Philippines — Villar-led Vista Land and Lifescapes Inc. plans  to issue up to P35 billion worth of  bonds.

In a disclosure to the Philippine Stock Exchange yesterday, Vista Land said its board of directors approved the application with the Securities and Exchange Commission (SEC) for the  registration of Philippine Peso-denominated fixed-rate bonds amounting to up to P35 billion.

The bonds will be issued in tranches within a period of three years from the effective date of the registration statement for the shelf bonds.

Vista Land said the initial tranche involves the  issuance of up to P10 billion fixed-rate bonds consisting of up to P6 billion with an oversubscription option of P4 billion.

In the first six months, Vista Land posted a net income of P5.8 billion,  83 percent higher than the P3.2 billion registered in the same period last year.

Revenues rose by eight percent to  P18.3 billion. During the period, the company launched a total of P24.3 billion worth of projects across the country.

Vista Land also reported a 12 percent increase in reservation sales to P35.6 billion.   Gross profit reached P4.7 billion while EBITDA amounted to P10 billion.