Vista Land raises $100 million from dollar bond issue
September 27, 2010 www.bworldonline.com
LISTED PROPERTY FIRM Vista Land & Lifescapes, Inc. raised $100 million from a maiden dollar-denominated bond offering late last week, the company yesterday said.
"We are very pleased with the response of the investor community on our inaugural bond issue," a statement quoted Manuel Paolo A. Villar, Vista Land chief financial officer, as saying.
Morgan Stanley and UBS AG acted as joint lead managers and bookrunners while Banco De Oro Capital and Investment Corp. acted as the domestic manager.
"The company wanted to take advantage of strong positive sentiment in the international debt market," UBS Managing Director Lauro C. Baja III said in the statement.
Mark Frondoso, executive director of global financial service firm Morgan Stanley, was also quoted as saying: "The transaction should raise the company’s profile with both foreign and local investors.
The company, owned by the family of Senator Manuel B. Villar, Jr., wants to increase the total value of its condominium projects for sale next year to P12.5 billion from the current 17 projects worth P5.03 billion.
Vista Land operates under five brands -- Brittany that sells house-and-lot units for as much as P9 million each, Crown Asia for units worth P3.5 million to P9 million, Camella Homes for units worth P3.5 million and below, Communities Philippines that sells Camella Homes in the provinces and condominium arm Vista Residences.
It has so far delivered about 200,000 units to buyers since 1977.
Shares in Vista Land, whose consolidated net income grew by 12% to P1.44 billion in the first half -- dipped by one centavo to close at P3.48 each on Friday.
Country of riskPhilippines
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