Vista Land & Lifescapes Inc. priced its VLL International Inc. subsidiary's proposed issuance of US$350 million in seven-year bonds at 5.750%.
In a filing, the company said the price of the bonds was 37.5 basis points tighter than the 6.125% guidance that it set Nov. 20.
As of the closing of the order book, the offering was nearly 5x oversubscribed with demand amounting to US$1.7 billion.
Proceeds from the planned issuance, expected to be executed Nov. 28, will be used by the company for refinancing.
The company also reiterated its ongoing tender offer for its outstanding US$51.8 million of 6.750% bonds due 2018 and US$180.8 million of 7.450% bonds due 2019. Vista Land added that all bonds not tendered will be redeemed in accordance with the redemption option of each bonds series.
DBS Bank Ltd. and the Hong Kong and Shanghai Banking Corp. were the joint lead and dealer managers, as well as the book runners for the new issue, while China Bank Capital Corp. was appointed as the offering's domestic manager.