Homebuilder Vista Land & Lifescapes Inc. said wholly-owned offshore unit VLL International Inc. has raised $125 million from the issuance of new debt notes due 2022.
Vista Land said in disclosure to the stock exchange VLL International Inc. re-opened the existing 7.375-percent notes due 2022, which was part of the company’s $1-billion, medium-term note program.
The $125-million senior notes, representing a yield of 6.979 percent per annum, will be consolidated and form a single series with the $300-million notes issued by VLL International in June 2015.
The notes are guaranteed by the Vista Land and its subsidiaries namely Brittany Corp, Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines, Inc., Vista Residences Inc., Starmalls Inc., Manuela Corp. and Masterpiece Asia Properties Inc. The proceeds will be used to finance the company’s capital expenditures and for general corporate purposes.