By James A. Loyola Vista Land and Lifescapes, one of the country’s leading property developers and the biggest homebuilder, has raised P10 billion from its recent bond offering. In a disclosure to the Philippine Stock Exchange, the firm said the fixed rate bond offering consisted of the P5 billion third and final tranche of its existing shelf bonds and an oversubscription of P5 billion as the first tranche of its new shelf bonds. Vista Land Chief Finance Officer Brian Edang said P2.26 billion worth of the Series E Bonds were subscribed by retail investors while the lion’s share of P7.74 billion were taken up by institutional buyers. The oversubscription bonds are the first of the P30 billion shelf registered bonds recently approved by the Securities and Exchange Commission (SEC). Vista Land will issue the bonds in tranches within a period of three years from the effective date of the registration statement. The offer bonds have a tenor of five years and six months from issue date. Vista Land may redeem in whole the outstanding bonds at 101 percent of the principal amount on the third year or at 100.5 percent on the fourth anniversary of the issuance. China Bank Capital Corporation, PNB Capital and Investment Corporation, and SB Capital Investment Corporation will act as joint issue managers, lead underwriters, and bookrunners for the offer. The company expects to net P9.86 billion from the initial offer which it will use to fund the construction and completion of various malls, redevelopment of existing malls and the construction of condominium projects, as well as for general corporate purposes. Philippine Rating Services Corporation (PhilRatings) said it has assigned the highest Issue Credit Rating of PRS Aaa, with a Stable Outlook, to Vista Land’s (VLL) proposed bond issue. Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. PhilRatings said Vista Land’s top rating is due to its well-diversified portfolio, continuously growing profitability with strong margins and its ability to generate cash flows from operations, and the favorable industry outlook, backed by resilient and growing demand.