Vista Land sets rates for P20-B bonds
MANILA, Philippines - Vista Land & Lifescapes Inc., the mall and property development arm of the Villar family, has set the interest rates for the initial tranche of its P20-billion bond offer.
The company told the local bourse yesterday it has set at 5.7512 percent per annum the interest rate for the seven-year bonds due 2024, while the 10-year bonds due 2027 will be at 6.2255 percent per annum.
Vista Land said the bonds in the aggregate amount of P3 billion, with an oversubscription option of up to P2 billion, will be issued out of the P20 billion shelf registration program of the company approved by the Securities and Exchange Commission (SEC) last week.
The bonds will be offered by Vista Land through sole underwriter, China Bank Capital Corp., from today to July 27 after the receipt of the permit to sell from the SEC.
Vista Land said the bonds are set to be issued on Aug. 4.
Credit Rating and Investors Services Philippines Inc. has rated the bonds at AAA, the highest in its rating scale.
Last May, Vista Land announced plans to raise P20 billion through the issuance of fixed-rate retail bonds under shelf registration.
The bonds will be issued in tranches within a period of three years. The initial tranche would be issued in up to two series, Series A bonds due seven years from issuance, and Series B bonds due 10 years from issuance.
Under shelf registration, issuers have the option to register and sell issues under the same regulatory documents securities, which they do not intend to sell right away.