After bond issue, Vista Land ready for more projects

MANILA, Philippines – Vista Land & Lifescapes Inc. said it is well positioned to take on new projects following the successful issuance of $125 million worth of bonds in the offshore market.

Manuel Paolo Villar, CEO of Vista Land, said the company has completed its anticipated capital expenditure requirements from external funding sources for the year.

“With this fund-raising, Vista Land is well positioned to achieve our targets for residential developments and commercial expansion for 2016. “We are extremely pleased with our ability to successfully tap the international bond market despite all the recent market volatility,” Villar said.

“Our ability to access offshore medium term funds reflects the strong confidence that credit investors have placed in us,” he added.

Vista Land said by accessing the international bond market, the company has been able to preserve appetite for future financing requirements in the local peso market.

It tapped DBS Bank Ltd. and HSBC as joint lead managers and bookrunners while BDO Capital & Investment Corp. and China Bank Capital Corp. as joint domestic lead managers.

Headquartered in Manila, Vista Land is the largest horizontal homebuilder in the Philippines with a 40-year track record of delivering homes across the country.

It recently acquired Starmalls Inc., a major developer, owner and operator of mass market retail malls, in a deal estimated at P33 billion. This resulted in the merger of the residential and shopping mall businesses of billionaire Manuel Villar.

The acquisition strengthens Vista Land as the country’s fourth largest integrated property developer and allows it to seal joint venture partnerships for self-contained communities.

In the nine months to September 2015, Vista Land grew its earnings to P5 billion from P4.25 billion on the back of strong sales.