Century Properties Group Inc. of the Antonio family has set the rate for its planned bond offering at 5.7524 percent per annum,
CPG is raising as much as P3 billion from the issuance of five-year fixed-rate bonds. This represents the first tranche of the company’s P6 billion debt securities program under shelf registration with the SEC.
“We are happy with the strong capital markets condition allowing us to price the issuance at the tighter end of the range of our indicative spread” said Ponciano S. Carreon, Jr., CFO at CPG.
CPG has earmarked P1 billion of the expected proceeds for the horizontal affordable housing developments of PHirst Park Homes (PPHI), a joint venture with Mitsubishi Corp.
The balance of the bond proceeds will go to partial debt refinancing and other general corporate purposes.
China Bank Capital Corp. president Ryan Martin Tapia expects CPG’s offering “to be very well received by a broad range of investors.”
ChinbaBank Capital is the sole issue manager, sole lead underwriter and sole bookrunner for the offer.
As of September 2021, CPG’s PPHI unit launched three new projects with total expected revenue of P2.9 billion. These are strategically located in General Trias, Cavite; Baliwag, Bulacan; and Tayabas, Quezon.
SOURCE: Bilyonaryo
