Milbank, Tweed, Hadley & McCloy LLP advised DBS and HSBC as joint dealer managers in connection with the tender offer of VLL International, Inc.’s (VLL) outstanding $51.8 million 6.75 percent notes due 2018 (the 2018 Notes) and $180.8 million 7.45 percent notes due 2019 (the 2019 Notes) and as joint lead underwriters in connection with a new issuance of US$350 million of notes (the New Notes) by VLL. VLL is a subsidiary of Vista Land & Lifescapes, Inc., one of the Philippines’ largest real estate developers. The New Notes are unconditionally and irrevocably guaranteed by VLL and certain of its subsidiaries. The proceeds from the issuance of the New Notes will be used primarily for refinancing the 2018 Notes and the 2019 Notes.
Capital Markets partner James Grandolfo led the Hong Kong-based Milbank team, which included counsel Paul Pery and associates Adam Heyd and York Wu.
Mr. Grandolfo said: “The successful execution of this transaction demonstrates investor confidence in Vista Land and further secures its role as a leader in property development with robust near- and long-term financing. We appreciate the opportunity to work with Vista Land again, particularly on such a significant offshore issuance for the company.”
The deal closed on November 28 and 29, 2017.
December 11, 2017
