Vista Land begins tender offer, consent solicitation for 2022 notes

By Marisa Wong

Los Angeles, July 8 – Philippines’ Vista Land & Lifescapes Inc. has commenced a cash tender offer and consent solicitation for its $425 million 7 3/8% senior guaranteed notes due 2022 (ISIN: XS1248231299), according to an announcement on Wednesday.

The offer is being conducted as part of the issuer’s active management of its capital structure. Any notes acquired by the company will be canceled.

The issuer soliciting approval of proposed amendments to the notes’ trust deed via the consent solicitation. Holders who tender their notes will be deemed to have given their consents.

If the extraordinary resolution is approved, the issuer plans to redeem any notes that are outstanding after the tender offer.

The offer and consent bid began on Wednesday and expire on July 27, with settlement anticipated on July 30.

The company may also offer new notes under its $2 billion medium term note program, the proceeds of which would be used to fund payments to holders of the 2022 notes. The new senior notes are to be issued through VLL International, Inc. and guaranteed by Vista Land and some of its subsidiaries.

DBS Bank Ltd. (65 6222 4261 or liabilitymanagement@dbs.com) and HSBC Ltd. (85 2822 4100, 44 207 92 6237 or liability.management@hsbcib.com) are the joint dealer managers for the tender offer and consent solicitation.

D.F. King Ltd. (44 20 7920 9700, 852 3953 7208 or vista@dfkinglid.com) is the tender and tabulation agent.

Vista Land is a Mandaluyong City, Philippines-based homebuilder.

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