Vista Land
Yield guidance at cost: 7.75% area
Expected Issue Size: USD 150mio – 200mio
Denomination: USD 200k x 1k
Risk Rating: 4N
LV: 0
Issuer: VLL International Inc.
Guarantors: Vista Land & Lifescapes, Inc. (Ticker: VLL.PM), Brittany Corporation, Camella Homes,Inc., Crown Asia Properties,Inc., Communities Philippines, Inc., Vista Residences, Inc.
Offering: Senior Unsecured Fixed Rate Notes
Format: Reg S Registered
Rating: Unrated
Use of Proceeds: Refinance existing indebtedness, partially finance capital expenditures and for general corporate purposes
Details: English Law, SGX-ST Listing, Denoms: US$200,000/US$1,000
Sole Global Coordinator: HSBC
Joint Lead Managers and Bookrunners: DBS Bank Ltd., HSBC
Domestic Lead Manager: BDO Capital & Investment Corporation
Timing: As early as today
Comparables: Vista 6.75% 10/2018 – YTM 7% area
Brief Description of Vista Land:
Operating through its five distinct operating subsidiaries, Vista Land is the leading homebuilder in the Philippines. In 2011, 2012 and 2013, the Company recorded consolidated revenues from real estate sales of 13,513.4 million peso, 16,335.6 million peso and 20,024.6 million peso, respectively. Vista Land provides a wide range of housing products to its customers across all income segments. Since it commenced operations, Vista Land has built more than 250,000 homes over 3,253 hectares of land.
Vista Land harnesses more than 35 years of professional expertise in residential real estate development and believes it has established a nationwide presence, superior brand recognition and proven track record in homebuilding. Its projects include master-planned developments and stand-alone residential subdivisions which offer lots and/or housing and condominium units to customers in the low-cost and affordable, middle-income and high-end market segments. The Company has developed numerous “themed” housing and land development projects inspired by Mediterranean, Swiss, Italian, American, Caribbean and American Southern architecture and design. The Company believes that strict attention to detail in the execution of these themed communities helps to distinguish it from other companies, especially with respect to the high-end sector.
Vista Land’s primary business is the development and sale of horizontal real estate projects, which comprise residential lots and units in the high-end, middle-income, low-cost and affordable housing segments. In addition, Vista Land develops and sells vertical residential projects, including low- to high-rise condominium developments.