Philippines' Vista Land to issue up to PHP 5 billion retail bonds

By Marisa Wong

Madison, Wis., March 10 - Vista Land & Lifescapes, Inc. plans to issue up to PHP 3 billion of retail bonds with an up to PHP 2 billion over-allotment option, according to a 17-C filing with the Philippine Securities and Exchange Commission.

The company's board of directors approved the maiden retail bond offering at a meeting held on Friday.

Proceeds will be used to partially finance commercial development projects.

"Our plans of tapping the retail bond market for the first time is part of our overall strategy to diversify our sources of funding," Manuel Paolo A. Villar, Vista Land's chief executive officer, commented in a press release.

The homebuilder is based in Mandaluyong City, Philippines.

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