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Vista Land secures P3.4-B loan to refinance debt
Vista Land & Lifescapes Inc., led by Manuel Villar, secured a P3.4-billion loan for refinancing existing debts of its subsidiaries.
The loan will be utilized by subsidiaries Vistamalls Inc., Brittany Corp., Camella Homes Inc., and Crown Asia Properties Inc.
The company also disclosed securing financing from shareholder advances last month to settle P10 billion worth of retail bonds that matured on June 18.
These bonds, issued in December 2019, had a 5.5-year tenor and were twice oversubscribed.
For the first quarter, Vista Land's attributable net income grew by 4% to P2.96 billion, while total revenue rose by 3.9% to P10.65 billion.
Real estate sales revenue increased by 5% to P5.85 billion during the same period.
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