MANILA, Philippines—Century Properties Group Inc. has obtained approval from the Securities and Exchange Commission to debut on the local bond market with an offering of as much as P3 billion.
In a disclosure to the Philippine Stock Exchange on Friday, CPG said it was offering bonds in three-, five- and seven-year tenors which are expected to be listed on fixed income trading platform Philippine Dealing and Exchange Corp. on September 2.
The bonds were priced to yield as follows: three years at 6 percent per annum, five years and six months at 6.6878 percent annum and seven-year bonds at 6.9758 percent per annum.
The bonds were priced by CPG together with its joint lead underwriters BDO Capital & Investment Corp. and The Hongkong and Shanghai Banking Corp. Ltd.
The offering is in line with CPG’s avowed strategy to diversify funding base and pursue growth opportunities that enhance returns to shareholders over the medium and long term.
From 2012 to 2016, CPG expects to turn over to buyers 17 projects with over 10,600 units with a combined footprint of 1.086 million square meters. As of end-March, 96 percent of these units had been pre-sold.
CPG has 28 years of experience in the real еstatе business. It has four subsidiaries, namely, Century City Development Corp., Century Limitless Corp., Century Communities Corp. and Century Properties Management.
By the end-2013, the company had completed 24 condominium and commercial buildings (8,197 units) with a total gross floor area of 836,867 square meters, including: Essensa East Forbes in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, Pacific Place in Ortigas, collection of French-inspired condominiums in Makati City called Le Triomphe, Le Domaine and Le Metropole and the Gramercy Residences in Century City, Makati City.
Early this year, CPG also opened Century City Mall, marking its initial foray into retail development.
Source: Philippine Daily Inquirer | August 15, 2014