By Leslie D. Venzon
MANILA, June 2 (PNA) — Listed property developer Vista Land & Lifescapes Inc. on Tuesday said its board approved wholly-owned subsidiary VLL International, Inc.’s (VLLI) offer to buy back guaranteed notes worth USD 450 million.
In a disclosure to the Philippine Stock Exchange, Vista Land said VLLI issued USD 350 million, 7.45-percent guaranteed notes due 2019; and USD 100 million, 6.75-percent guaranteed notes due 2018.
Vista Land and other subsidiary guarantors guaranteed the notes.
The Hongkong and Shanghai Banking Corp. Ltd. and DBS Bank Ltd. will serve as joint dealer and lead managers; the Hongkong and Shanghai Banking Corp. Ltd. as sole structuring advisor.
Vista Land said its board also gave the go signal on the establishment by VLLI of a medium term note program to which it would issue new notes in such amount. (PNA)