VLL International to sell $2-B notes

VILLAR-LED property developer Vista Land & Lifescapes, Inc. said its unit had approved a $2-billion medium-term note program as part of capital raising efforts. 

In a stock exchange disclosure on Tuesday, Vista Land said VLL International, Inc. approved the program on Dec. 29 and hired DBS Bank Ltd. and HSBC as dealers for the offer, sale, and issuance of the notes.

The notes are guaranteed by Vista Land and units Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vistamalls, Inc., and Vista Residences, Inc.

Vista Land posted a 70% increase in net income to P8.2 billion in the first nine months, as consolidated revenue jumped by 18% to P27.4 billion.   

Shares of Vista Land at the local bourse gained 0.6% or a centavo to P1.69 each.  — Revin Mikhael D. Ochave