VILLAR-LED real estate developer Vista Land & Lifescapes, Inc. has secured a P3.4-billion loan to refinance existing debt.
The loan was obtained by Vista Land through its subsidiaries Vistamalls, Inc., Brittany Corp., Camella Homes, Inc., and Crown Asia Properties, Inc., the company said in a regulatory filing on Tuesday.
Last month, Vista Land disclosed that it had secured financing to settle P10 billion worth of retail bonds issued in December 2019, which matured on June 18.
The financing was sourced from shareholder advances.
The issuance consisted of Series E fixed-rate retail bonds with a 5.5-year tenor and quarterly coupons priced at 5.6992% per annum.
The offering was twice oversubscribed compared to the initial P5-billion target.
For the first quarter, Vista Land grew its attributable net income by 4% to P2.96 billion.
Total revenue rose by 3.9% to P10.65 billion, as real estate sales revenue increased by 5% to P5.85 billion.
Vista Land shares were unchanged at P1.52 apiece on Tuesday. — Revin Mikhael D. Ochave
