Published by Gbaf News
Posted on September 18, 2014
2 min readLast updated: January 22, 2026
The international law firm Milbank, Tweed, Hadley & McCloy has recently advised on the successful reopening of notes by the Vista Land group. Milbank advised DBS Bank Ltd. (DBS), as international underwriter, on the US$125 million reopening of 7.45% Guaranteed Notes due 2019 (the Notes) by VLL International, Inc., a subsidiary of Vista Land & Lifescapes, Inc. (Vista Land), one of the largest residential property developers in the Philippines. The Notes were unconditionally guaranteed by Vista Land and other subsidiaries of the Vista Land group.
Milbank advised DBS Bank Ltd. (DBS), as international underwriter, on the US$125 million reopening of 7.45% Guaranteed Notes due 2019 (the Notes) by VLL International, Inc., a subsidiary of Vista Land & Lifescapes, Inc. (Vista Land), one of the largest residential property developers in the Philippines. The Notes were unconditionally guaranteed by Vista Land and other subsidiaries of the Vista Land group.
James Grandolfo
The issue price for the Notes was 102.000% of their principal amount plus accrued interest from April 29, 2014, the issue date of the original issuance of the Notes in the principal amount of US$225,000,000. The issue price represented a yield to maturity of 6.935%. The proceeds from the Notes will be used to finance Vista Land’s capital expenditures and for general corporate expenditures. According to DBS, more than 90% of the Notes were distributed to investors outside the Philippines to a broad range of institutional investors; aggregate demand for the Notes exceeded US$300 million.
Global Securities partner James Grandolfo commented, “we are delighted to act on yet another well-received US$ international notes issuance out of the Philippines. While the number of US$ deals out of the the Philippines has been limited this year due to signifcant local liquidity, this transaction, coming off a successful initial issuance in April 2014, clearly demonstrates the attractiveness of the Philippine market and Philippines issuers to international fixed income investors. We expect to see more such issuances in the future.”
The Milbank team for the transaction was led from Hong Kong by partner James Grandolfo and counsel Paul Pery, with support from associate Adam Heyd. Singapore-based securities partner Giles Kennedy and associate Ka-Wai Woo also provided support.
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