VILLAR-LED property developer Vista Land and Lifescapes, Inc. said its wholly owned subsidiary VLL International, Inc. (VLLI) has secured a $150-million syndicated term loan facility from Sumitomo Mitsui Banking Corp.
VLLI’s loan facility was obtained at an interest rate of 6.40509% per annum, Vista Land said in a regulatory filing on Monday.
“The proceeds of the term loan facility will be used for financing, refinancing, or reimbursing (directly or indirectly) working capital and general corporate purposes of the Vista Land Group,” Vista Land said.
The obligations of VLLI under the loan facility are guaranteed by Vista Land and its subsidiaries Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vistamalls, Inc., and Vista Residences, Inc.
Sumitomo Mitsui Banking Corp. Singapore Branch was the mandated lead arranger, underwriter, and bookrunner, while Sumitomo Mitsui Banking Corp. was the facility agent for the syndicated term loan facility.
Vista Land has business interests in the development of residential subdivisions and construction of housing and condominium units. It is also engaged in the development of commercial centers and recreation- and vacation-facilities.
On Monday, Vista Land shares rose by 1.85%, or three centavos, to P1.65 per share. — Revin Mikhael D. Ochave
