By Wendy Van Sickle
Columbus, Ohio, Nov. 20 – Philippines-based Vista Land & Lifescapes, Inc. wholly owned subsidiary VLL International, Inc. priced a $350 million issue of 5¾% seven-year notes at par, according to a company announcement.
Price talk for the Regulation S dollar-denominated benchmark was in the 6 1/8% area, according to an earlier 17-C filing with the Philippines Securities and Exchange Commission.
DBS Bank and HSBC are the joint lead managers and bookrunners.
The notes will be non-callable for four years and will have a change-of-control put at 101.
The notes will be issued under the company’s $1 billion euro medium-term note program.
Proceeds will be used to fund Vista Land’s tender offer for existing 2018 and 2019 bonds, to refinance existing debt and for general corporate purposes.
Vista Land is a Mandaluyong City, Philippines-based homebuilder.
| Issuer: | VLL International, Inc.
|
| Guarantor: | Vista Land and Lifescapes Inc.
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| Amount: | $350 million
|
| Maturity: | 2024
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| Description: | Senior notes
|
| Bookrunners: | DBS Bank and HSBC
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| Coupon: | 5¾%
|
| Price: | Par
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| Yield: | 5¾%
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| Talk: | 6 1/8% area
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| Call: | Non-callable for four years
|
| Put: | Change of control put at 101
|
| Trade date: | Nov. 20
|
| Settlement date: | Nov. 28
|
| Distribution: | Regulation S
|
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