MANILA -- The Securities and Exchange Commission (SEC) has given Vista Land & Lifescapes, Inc. and Cirtek Holdings Philippines Corp. the green light to pursue their planned offering of debt securities.
In its Nov. 26 meeting, the commission en banc considered favorably the respective registration statements of Vista Land for PHP30 billion worth of fixed rate bonds under a shelf registration and of Cirtek Holdings for PHP2 billion worth of commercial papers.
The SEC will issue the corresponding orders of registration and permits to sell securities upon the publicly listed companies’ compliance with certain conditions.
The fixed rate bonds and commercial papers will be listed and traded at the Philippine Dealing & Exchange Corporation.
Vista Land will issue the bonds in tranches within a period of three years from the effective date of the registration statement.
The publicly listed integrated property developer intends to issue the first tranche comprising fixed rate Philippine peso bonds in the amount of PHP5 billion, along with an oversubscription option of up to PHP5 billion.
The offer bonds will have a tenor of five years and six months from issue date.
Vista Land may redeem in whole the outstanding bonds at 101 percent of the principal amount on the third year or at 100.5 percent on the fourth anniversary of the issuance.
Vista Land plans to issue and list the bonds on Dec. 12, based on the latest registration statement submitted to the SEC.
China Bank Capital Corporation, PNB Capital and Investment Corporation, and SB Capital Investment Corporation will act as joint issue managers, lead underwriters, and bookrunners for the offer.
The company expects to net PHP9.856 billion from the offer, assuming the oversubscription option is fully exercised.
The proceeds will fund the construction and completion of various malls, redevelopment of existing malls and the construction of condominium projects, as well as for general corporate purposes.
Cirtek Holdings, meanwhile, will issue the commercial papers either in lump sum or in tranches within three years from the date of effectivity of the registration statement.
The fully integrated global technology company will offer the commercial papers in three series: 91-day, Series A worth PHP500 million, 182-day Series B worth PHP500 million and 364-day Series C worth PHP1 billion.
The offer period shall commence upon or immediately after approval by the SEC of the commercial papers.
The company has engaged Multinational Investment Bancorporation as underwriter.
Cirtek Holdings aims to raise PHP1.88 billion in net proceeds to refinance existing debt and cover working capital requirements. (PR)
