MANILA – The board of Century Properties Group Inc has approved a plan to raise money from the sale of dollar-denominated debt.
In a disclosure to the Philippine Stock Exchange, the property developer owned by former ambassador Jose E.B. Antonio said its board in a meeting today cleared the offering of $150 million in bond, which would be listed on the Singapore Exchange.
The timing, size, and terms of the issuance would depend on a number of factors, including the prevailing interest rates, the company’s actual requirement, market liquidity and the state of financial markets both here and abroad.
Century Properties will engage advisers, underwriters and such other agents to implement the fundraiser if and when it proceeds.
At end-September last year, the property firm had P0.80 worth of debt for every P1 in equity, and P3.2 of debt for every P1 of cash as measured by the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA).
Century Properties earlier said it expects P15 billion in sales revenue from six projects it is set to complete this year.
Source: MSN Money | January 31, 2015