Villar-led Vista Land gets P3.4-B loan

MANILA, Philippines – Vista Land & Lifescapes Inc. on Tuesday announced it had secured a P3.4-billion loan, mostly to refinance existing debt of its other businesses.

The Manuel Villar-led developer said in a stock exchange disclosure that the loan would have a term of up to three years.

READ: Residential revenues buoy Vista Land profit

Vista Land did not disclose other details, although it noted that subsidiaries Vistamalls Inc., Brittany Corp., Camella Homes Inc. and Crown Asia Properties Inc. would use the amount to repay their respective obligations.

Most of these brands were responsible for the 5-percent rise in Vista Land’s first-quarter real estate sales to P5.85 billion.

As a result, the bottom line of Vista Land grew by 5 percent to P3.4 billion in the January to March period.

In May, Vista Land subsidiary VLL International Inc. secured a $150-million loan, also to repay existing debt and fund its operating expenses.

VLL, which was created for the purpose of issuing debt paper, obtained the syndicated term loan facility at a rate of 6.40509 percent a year./tad