Vista Land Lifescapes, the Philippine property developer, returned to international bond markets on Thursday with a combined tender offering and dollar-denominated bond issue.
The group's liability management exercise was designed to extend its maturity profile and retire more expensive debt rather than increase its gearing.
Vista Land's bond issue comprised a $300 million seven-year transaction with a 2022 maturity that was priced at 7.5% after initially being marketed at 7.75%.
Proceeds from the unrated Reg S deal are being used to fund a tender offering for two existing bonds and re-pay the outstanding $50 million principal on a bond that matures in September....
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