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Thursday, April 24, 2014

Vista Land redeems majority of dollar-denominated debt

Holders of most of Vista Land & Lifescapes Inc's dollar-denominated notes have tendered the Villar-led real estate firm's IOUs in exchange for cash.

In a disclosure to the Philippine Stock Exchange, the country's largest homebuilder said $103.77 million worth of its guaranteed notes have been submitted as valid tenders prior to the end of the offer yesterday.

Vista Land had offered to redeem $150 million worth of IOUs ahead of next year's maturity. The debt papers carry an interest rate of 8.25 percent.

Vista Land earlier appointed The Hongkong and Shanghai Banking Corp and DBS Bank Ltd as joint dealer managers, BDO Capital & Investment Corp as domestic dealer manager and DF King Worldwide as information and tender agent.

The real estate developer's wholly owned subsidiary Vista Land International Inc is gearing up for the sale of new debt papers, but it has yet to determine the terms of the offering. Proceeds will refinance existing obligations, finance capital expenditures amounting to P21 billion this year and for general corporate purposes.

Last week, Vista Land was cleared to undertake its maiden bond issuance of up to P5 billion to partly bankroll the projects of its subsidiaries.

Vista Land is the holding company of five business units, Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences.

- Interaksyon

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