New Issue: Philippines’ Vista Land sells $200 million 7¼% seven-year senior notes

By Marisa Wong

Los Angeles, July 14 – Vista Land & Lifescapes, Inc. priced $200 million of seven-year senior guaranteed notes at par to yield 7¼%, according to a 17-C filing with the Philippine Securities and Exchange Commission.

The notes will be issued through VLL International, Inc. and guaranteed by Vista Land and some of its subsidiaries.

DBS Bank, HSBC and Credit Suisse are joint lead managers and joint bookrunners for the Regulation S offering.

Proceeds will be used to refinance existing debt; to purchase, develop, construct or improve assets, property or equipment; and for general corporate purposes.

Previously, the company said it would use proceeds to refinance Vista Land’s existing notes due 2022 (ISIN: XS1248231299) through a tender offer and consent solicitation, but that tender offer has since been terminated.

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

Issuer:	VLL International, Inc.
Guarantors:	Vista Land & Lifescapes, Inc.; Brittany Corp., Camella Homes, Inc., Crown Asia Properties, Inc., Communities Philippines, Inc., Vistamalls, Inc. and Vista Residences, Inc. (subsidiary guarantors)
Issue:	Senior notes
Amount:	$200 million
Maturity:	July 20, 2027
Bookrunners:	DBS Bank, HSBC and Credit Suisse
Coupon:	7¼%
Price:	Par
Yield:	7¼%
Call option:	Non-callable for four years, then at 103.625 in year five, 101.8125 in year six and par after that
Put option:	At 101 upon change of control
Pricing date:	July 13
Settlement date:	July 20
Distribution:	Regulation S

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