Vista Land and Lifescape Inc., said it has raised $50 million in funding through a private placement of notes under its $2-billion medium term note program.
The company unit VLL International Inc. raised the additional funding and will be consolidated and form a single series with its $370 million notes due 2027 that carries a 7.25 percent coupon.
“Accordingly, the issuer executed a subscription agreement with DBS Bank Ltd. and HSBC, as managers, for the offer, sale and issuance of the notes, which are guaranteed by the company and its subsidiaries namely Brittany Corp, Crown Asia Properties, Inc., Camella Homes Inc., Communities Philippines Inc. and Vista Residences Inc.,” the company said.
The proceeds of the notes will be used to refinance existing indebtedness, purchase, develop, construct or improve assets, property or equipment, and for general corporate purposes, Vista Land said.
