Century Properties Group, Inc. disclosed to the Philippine Stock Exchange that it has priced its P3-billion maiden retail bond offering.
The firm is offering Unsecured Fixed Rate Peso Retail Bonds with an aggregate principal amount of P2 billion, with an oversubscription option of P1 billion.
The bonds are comprised of 6.0000 percent p.a. three-year bonds, 6.6878 percent p.a. five-year bonds, and 6.9758 percent p.a. seven-year bonds. The bonds will be due in 2017, 2020, and 2021, respectively.
The bonds are scheduled to be offered by CPG to investors through its underwriters from August 18 to August 26, 2014. The bonds will be issued on September 2, 2014.
The bonds have been rated AA+ with a Stable outlook by the Credit Rating and Investor Services Philippines, Inc. (“CRISP”) on June 6, 2014. CRISP believes that CPG will be able to maintain its hold, as well as continue to diversify its market segments.
CRISP, likewise, believes that CPG’s overseas Filipino market will continue to support its product offerings and will not be affected significantly by economic shifts in their host countries. Based on CRISP’s rating codes, a AA+ reflects very strong capacity to repay debt obligations.
Century Properties, including its affiliated companies, is expected to complete a total of 31 residential buildings from its listing in 2012 to 2019. Its portfolio of launched residential projects is over 90 percent pre-sold.
Source: Manila Bulletin | August 20, 2014