Antonio family’s Century Properties gets SEC OK to issue P6B fixed-rate bonds

Century Properties Group has secured the approval of the Securities and Exchange Commission to raise P6 billion from the issuance of five-year fixed-rate bonds.

The bonds may be offered in one or more tranches within three years.

For the first tranche, CPG will offer up to P2 billion worth of fixed-rate bonds due 2027, with an oversubscription option of up to P1 billion.

Net proceeds from the offer could amount to P2.94 billion, assuming the overallotment option is fully exercised.

Proceeds will be used to partially refinance the company’s debt, fund capital expenditures for horizontal affordable housing developments, and fund general corporate requirements.

The offer period will run from Feb. 14 to 18 with the bonds targeted to be listed on the Philippine Dealing & Exchange Corp. on Feb. 24.

China Bank Capital Corp. is the sole issue manager, sole lead underwriter, and sole bookrunner for the offer.

Categories: century properties