FOR IMMEDIATE RELEASE
Vista Land & Lifescapes, Inc. is one of the Philippines’ largest real estate developers.
HONG KONG/PHILIPPINES, June 23, 2015 – Milbank, Tweed, Hadley & McCloy has recently advised on the successful establishment of VLL International, Inc.’s (VLL) EMTN programme, subsequent drawdown of notes and simultaneous tender offer for certain of VLL’s existing notes. VLL is a subsidiary of Vista Land & Lifescapes, Inc. (Vista), one of the Philippines’ largest real estate developers.
Milbank advised DBS and HSBC as global coordinators and arrangers and dealers with respect to the establishment of VLL’s US$1 billion EMTN programme (the Programme) and as joint lead managers with respect to the US$300 million drawdown of VLL’s 7.375% Guaranteed Notes due 2022 (the Notes). The Notes were priced at 99.597% to yield 7.45% per annum. The Notes were guaranteed by Vista and certain of its main operating subsidiaries, and were issued off of the Programme. A majority of the proceeds from the Notes were used to fund a concurrent tender offer (the Tender Offer) by the Issuer for certain of its existing notes.
Milbank likewise advised DBS and HSBC as joint dealer managers with respect to the Tender Offer, which commenced on June 2, 2015 and expired on June 10, 2015. The Tender Offer was conditional upon the pricing of the Notes. An aggregate of US$206.7 million of VLL’s existing notes was submitted and accepted in the Tender Offer.
The transaction is significant in several respects - the Tender Offer is the second Asian corporate liability management transaction utilizing an allocation code mechanism for priority allocation into the Notes, and Vista is only one of a handful of Philippine issuers which have established EMTN programmes for debt issuances.
The Milbank team for the transaction was led by partner James Grandolfo and counsel Paul Pery, with support from associates York Wu and Lin Ma.
About Milbank
Milbank, Tweed, Hadley & McCloy is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
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