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Century Properties prices bonds

LUXURY CONDOMINIUM developer Century Properties Group, Inc. (CPG) has priced its P2-billion maiden retail bond offering, with an oversubscription option of P1 billion, offered from Aug. 18 to 26.

In a disclosure to the bourse on Wednesday, the company said the rates are: three-year bonds, 6%; five-year bonds, 6.6878%; and seven-year bonds, 6.9758%.

On June 6, the bonds were rated AA+ with a stable outlook by the Credit Rating and Investor Services Philippines, Inc. (CRISP).

“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,” the disclosure read.

The company said CRISP’s AA+ rating “reflects very strong capacity to repay debt obligations.”

BDO Capital & Investment Corp. was tapped as the issue manager for the transaction; BDO Capital & Investment Corp. and The Hongkong and Shanghai Banking Corp. Ltd. are joint lead underwriters and bookrunners; while Primeiro Partners was the financial adviser.

Century Properties currently has six commercial projects in the pipeline with a total of more than 150,000 square meters of leasable space generating up to P1 billion worth of revenue upon completion in 2019.

Over 28 years, Century Properties completed 25 condominiums, covering 873,127 square meters over 8,777 units.

Source: Businessworld Online | August 20, 2014


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