By Marisa Wong
Los Angeles, May 26 – Philippines’ Vista Land & Lifescapes, Inc. said it will issue $50 million of 7¼% senior guaranteed notes due 2027.
The new notes will be consolidated and form a single series with the previously issued $370 million of 7¼% notes due 2027, bringing the total issue size to $420 million.
As reported, Vista Land issued the original $200 million of notes in January and a $170 million reopening earlier this month.
The new notes will be issued through wholly owned subsidiary VLL International, Inc. under its $2 billion medium-term note program and guaranteed by Vista Land and subsidiaries Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc. and Vista Residences, Inc.
DBS Bank Ltd. and Hongkong and Shanghai Banking Corp. Ltd. are the managers for the latest Regulation S add-on.
Proceeds may be used to refinance existing debt; to purchase, develop, construct or improve assets, property or equipment; or for general corporate purposes.
Vista Land is a Mandaluyong City, Philippines-based homebuilder.
| Issuer: | VLL International, Inc.
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| Guarantor: | Vista Land & Lifescapes, Inc.
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| Issue: | Senior guaranteed notes, add-on
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| Amount: | $50 million
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| Maturity: | 2027
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| Managers: | DBS Bank Ltd. and Hongkong and Shanghai Banking Corp. Ltd.
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| Coupon: | 7¼%
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| Distribution: | Regulation S
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| Total issuance: | $420 million
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