THE Securities and Exchange Commission (SEC) has approved Vista Land & Lifescapes Inc.’s plan to raise P5 billion through a preferred share sale.
The fundraising involves the sale of up to 50 million Series 2 preferred shares, divided into an initial 30 million and another 20 million covering the oversubscription option, at an offer price of P100 apiece.
The preferred shares are perpetual, cumulative, non-participating, non-voting, redeemable and non-convertible.
Proceeds will be used primarily to refinance existing debt and for general corporate purposes.
The share sale follows the company’s $300- million dollar-denominated senior guaranteed note issued late last month which carries a coupon of 9.375 percent.
The preferred shares will be offered from August 20 to September 4, and will be listed at the Philippine Stock Exchange on September 13.
Vista Land tapped BDO Capital & Investment Corp., China Bank Capital Corp. and SB Capital Investment Corp. as joint issue managers, joint lead underwriters, and joint book runners for the offer.
