spot_img
28.1 C
Philippines
Friday, March 29, 2024

Vista Land raises P14.5B to finance spending in 2019

- Advertisement -

Vista Land & Lifescapes Inc., the property unit of billionaire Manuel Villar, secured P14.5 billion in five-year corporate notes to partially finance the company’s programmed spending this year.

Vista Land said in a disclosure to the stock exchange the corporate notes carried a fixed interest rate of 7.125 percent a year.

“The proceeds of the corporate notes facility will be used to fund Vista Land’s 2019 capital expenditures for commercial property projects, and to fund other general corporate purposes,” Vista Land said.

PNB Capital & Investment Corp. was the mandated lead arranger and book runner, while Vista Land’s subsidiaries, namely Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc. and Starmalls Inc. as subsidiary guarantors.

- Advertisement -

Vista Land in December also raised P10 billion from the issuance of fixed-rate bonds. The five-year bonds due 2023 carry an interest rate of eight percent a year while the seven-year bonds due 2025 have an interest rate of 8.25 percent yearly.

Vista Land plans spend P40 billion in capital expenditures this year to primarily finance the construction of projects as well as land banking activities.

It also intends to launch P60 billion worth of residential projects as it remains positive about the domestic real estate sector.

The property firm last year raised P10 billion from the issuance of fixed-rate peso bonds.

Vista Land delivered a 12-percent growth in net income to P2.93 billion in the first quarter of 2019 from P2.6 billion year-on-year on the sustained growth of the residential as well as malls businesses. Consolidated revenues in the quarter ended at P11.4 billion, up 14 percent from P10.1 billion on year. 

Residential sales rose 12 percent to P8.78 billion as sales from its low-cost and affordable housing units under Camella and Communities Philippines Inc. jumped 33 percent and 28 percent, respectively, during the first three months of the year.

Leasing revenue during the quarter also increased 18 percent to P1.9 billion from P1.6 billion on year.

- Advertisement -

LATEST NEWS

Popular Articles