Century Properties Group Inc. (CPG) is planning to issue and sell US dollar-denominated bonds, the company said in a disclosure to the Philippine Stock Exchange on Monday.

“The company stated that its board of directors approved the issuance of the USD Bonds and that the management has been authorized to decide on the final terms, issue size, interest rates, and other matters relevant to the said issuance,” the disclosure read.

CPG said the USD bonds are not expected to be rated.

The net proceeds of the bonds will be used for general corporate purposes, the company said.

The USD bonds will be the direct, unconditional, unsubordinated and unsecured obligations of CPG, while the guarantees will be the direct, unconditional, unsubordinated and unsecured obligation of CPG’s operating subsidiaries.

The USD bonds may only be offered to not more than 19 non-qualified buyers and to any number of qualified buyers.

The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank, UBS AG, Hong Kong Branch have been engaged as joint lead underwriters and bookrunners. Primeiro Partners is the company’s financial advisor on the transaction.

The offer and sale of the notes will not be registered with the Securities and Exchange Commission in the Philippines.

The USD bonds are expected to be listed on the Singapore Stock Exchange.

Source: GMA News Online | February 2, 2015