THE board of Vista Land and Lifescapes Inc., the property development arm of the Villar group, has approved the flotation of P20 billion in debt paper.
The company said it will submit documents with the Securities and Exchange Commission (SEC). The debt will be placed under the agency’s shelf-registration program.
The company said it will issue the debt in tranches for the next three years. It will, however, issue an initial P5 billion in the coming months.
“The series A bonds are due seven years from issuance. The series B bonds are due 10 years from issuance,” it said.
Vista Land reported an 11-percent growth in net income to P2.3 billion for the first quarter of 2017, from P2.1 billion in the same quarter last year.
Consolidated revenues for the quarter ended at P9 billion, 14 percent higher than the P7.9 billion in the comparable period a year ago.
Leasing revenue for the quarter significantly increased by 50 percent to P1.43 billion, from P961 million last year. The company also added about 70,000 square meters of gross floor area in its investment properties from the expansion of existing malls.