SEC Approves ₱100 Billion Vista Land And SMC Offerings

The Securities and Exchange Commission (SEC) has approved the shelf registration of bonds and preferred shares by Vista Land & Lifescapes Inc. and San Miguel Corporation (SMC), respectively, with a total value of P100 billion.

Vista Land will initially offer P6 billion worth of fixed-rate bonds, with an oversubscription of up to P4 billion, consisting of Series F bonds due 2026 and Series G bonds due 2028. I Photo: Vista Land

In its October 17 meeting, the Commission En Banc rendered effective the registration statements of Vista Land covering P35 billion worth of fixed-rate bonds and SMC's 866.67 million Series 2 preferred shares worth P65 billion.

Both Vista Land and SMC's securities will be offered in tranches within a three-year period, subject to the companies' compliance with certain remaining requirements.

Vista Land will initially offer P6 billion worth of fixed-rate bonds, with an oversubscription of up to P4 billion, consisting of Series F bonds due 2026 and Series G bonds due 2028. This is part of its shelf registration of a debt securities program with an aggregate principal amount of P35 billion.

SMC will offer 400 million preferred shares at P75 apiece for a total of P30 billion in the initial tranche, with an oversubscription option comprising up to 266.67 million preferred shares worth more than P20 billion.

SMC expects to net as much as P49.62 billion from the initial tranche, assuming the oversubscription option is fully exercised.

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