An offshore unit of Villar-led homebuilder Vista Land & Lifescapes is seeking consent from bondholders to amend the terms of $425 million in outstanding senior notes due in 2022.

The seven-year notes, issued by Vista Land’s wholly owned subsidiary VLL International Inc. in 2015 and reopened to the market in early 2016, carried an annual interest rate of 7.375 percent.

The proposed amendments were “to align the same with the terms and conditions” of the new series of notes worth $350 million issued by VLL International in November 2017.

Consent solicitation, a common practice in the bond market, is usually sought if the original terms of the issuance are no longer in the best interest of the issuer and bondholders. The issuer may approach the bondholders who, in turn, will receive payment if they agree to the changes.

VLL International’s consent solicitation started on Jan. 10 and will end on Jan. 31, 2018.

The bonds are unconditionally and irrevocably guaranteed by the corporation and its subsidiaries.

When VLL International last forayed into the offshore bond market, its $350-million seven-year issuance was priced to yield 5.75 percent per annum, proceeds from which funded the buyback of more expensive debt. VLL International, which is incorporated in Cayman Islands with limited liability, subsequently announced the redemption of costlier notes due 2018 and 2019.

The fundraising in late 2017 was part of the Villar-led property firm’s $1-billion medium-term notes (MTN) program, a type of debt program that allows an issuer to tailor its debt issuance to meet its financing needs.

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