WASHINGTON, United States — The container ship that collided with a major bridge in Baltimore, collapsing it within seconds, suffered two electricity blackouts in the moments before the disaster, a preliminary report by federal investigators released Tuesday said.
Vista Land [VLL 1.50, up 2.0%; 0% avgVol] [link] disclosed that its board has approved a P5 billion preferred shares offering, consisting of 50,000,000 Series 2 Preferred Shares priced at P100/share. VLL said that China Bank Capital and SB Capital will be joint lead underwriters on the deal. The company did not provide any information about the potential dividend or the timeline for the offer period and listing of the shares.
MB bottom-line: This prefs sale comes after VLL had to kill its disastrous attempt to sell $700 million in US Dollar-denominated bonds back in late January. Back then, VLL’s bonds were simply not shiny enough to compete with the yields of other (better) issuers. When it pulled the bonds there was an expectation that VLL would try again once rates had come down a bit, and while rates have not gone down, perhaps this smaller offering is intended to deal with whatever short-term needs the company has while it waits to make a bond offering at some future time when rates are lower.
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