Vista Land finalizes terms for 'homebuilder bonds'
MANILA, Philippines - Villar family-led property developer Vista Land & Lifescapes Inc. has recently filed its registration statement and prospectus for its P2.5 billion "Homebuilder Bonds" with the Securities and Exchange Commission (SEC).
"We are excited with the maiden launch of our P2.5 billion Homebuilder Bond series. We believe that this vehicle, as we have structured it, is very well-suited to the needs of our customer base and our product profile," Vista Land president and chief executive officer Manuel Paolo Villar said, in a statement.
Proceeds from the offering will be used for general corporate purposes.
The bonds will provide Vista Land customers with an "alternative investment vehicle" which would assist them in purchasing Vista Land's horizontal and vertical residential products.
A minimum subscription under the HomeBuilder Bond is P180,000, payable in 36 monthly payments of P5,000. At the time of maturity, the bondholder will have the option to either apply the proceeds to buy a Vista Land property or opt for a cash pay-out.
Vista Land set an indicative interest rate ranging from 5% to 6.7% per annum.
Investment & Capital Corporation of the Philippines (ICCP) has been appointed as financial advisor and issuer manager for the offering.