Vista Land unit secures $150M loan

VILLAR-LED Vista Land & Landscapes, Inc. (VLL) said Monday that its unit VLL International Inc. (VLLI) will be extended a $150 million syndicated term loan facility to fund its pipeline growth.

In a disclosure, VLL said that the loan has an interest rate of 6.40509 percent per annum, and guaranteed by VLL and its subsidiaries Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vistamalls Inc., and Vista Residences Inc.

"The proceeds of the term loan will be used for financing, refinancing or reimbursing (directly or indirectly) working capital and general corporate purposes of the VLL Group," the company told the stock exchange.

"For the foregoing purpose, VLLI has entered into a syndicated term loan facility with Sumitomo Mitsui Banking Corp. Singapore Branch as mandated lead arranger, underwriter and bookrunner, and Sumitomo Mitsui Banking Corp. as facility agent," it continued.

VLL saw its net income in the first nine months of 2024 climb 10.2 percent to P9.1 billion, mainly on strong sales from residential projects outside the National Capital Region (NCR) and higher rental income.

Consolidated revenues grew 7 percent to P29.1 billion because of new projects with total value of P32.6 billion.

On Monday, VLL's share price rose by 3 centavos to close at P1.65 each.