VILLAR-LED property developer Vista Land & Lifescapes, Inc. has signed a five-year corporate notes facility of up to P13.61 billion to refinance its obligations, the company said.

Vista Land made an initial drawdown of P7.22 billion at a fixed interest rate of 7.8947% per annum, it said in a stock exchange disclosure on Monday.

“The proceeds of the corporate notes facility will be used to refinance existing or maturing obligations of the group and for the other general corporate purposes,” Vista Land said.

The company entered into the corporate notes facility agreement with China Bank Capital Corp. as the sole arranger and bookrunner.

China Banking Corp., through its Trust and Asset Management Group, serves as the facility and paying agent, notes registrar, and security trustee.

Vista Land’s subsidiaries — Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Vistamalls, Inc. — act as guarantors for the facility.

In a statement last week, Vista Land said it had settled P3.5 billion worth of retail bonds using proceeds from advances provided by its majority shareholders.

The company reported a 4% increase in nine-month net income to P9.5 billion, while rental income for the period rose by 3% to P12.8 billion.

Separately, Villar Land Holdings Corp. announced the election of Manuel B. Villar, Jr. as chairman of the board; Cynthia J. Javarez as president; Estrellita S. Tan as chief financial officer, chief information officer, and investor relations officer; Gemma M. Santos as corporate secretary; Ma. Nalen S.J. Rosero as assistant corporate secretary; and Kate D. Cator as compliance officer.

Ma. Luisa B. Villacorta and Marilou O. Adea were elected as independent directors, replacing Ana Marie V. Pagsibigan and Garth F. Castañeda, who reached the maximum term limit set by the Securities and Exchange Commission.

Villar Land, formerly Golden MV Holdings, Inc., posted a net income of P1.423 billion in 2024, slightly higher than the P1.416 billion recorded a year earlier.

At the local bourse on Monday, Vista Land shares rose by 11.83% or 11 centavos to close at P1.04 apiece, while Villar Land shares ended unchanged at P1,000 each. — Beatriz Marie D. Cruz