Property developer Century Properties Group Inc. has priced its P3-billion maiden retail bond offering.

Century Properties said in a disclosure to the Philippine Stock Exchange the P3-billion bonds, which include P1 billion to cover for  oversubscription, would mature in 2017, 2020 and 2021.

The three-year bonds will have a coupon rate of 6 percent a year, while the five-year issue will offer 6.6878 percent. The seven-year bonds will have a rate of 6.9758 percent.

The final rates are slightly higher than the indicative ones earlier set by the company.

Century Properties in an earlier filing with the Securities and Exchange Commission said it planned to issue the three-year bonds an interest rate of between 4.88 percent and 5.88 percent, the five-year bonds at 5.71 percent and 6.71 percent and the seven-year bonds at 5.95 percent and 6.95 percent.

The company is offering the bonds to investors through its underwriters from August 18 to August 26, 2014.

BDO Capital & Investment Corp. is the issue manager for the transaction, while BDO Capital & Investment Corp. and The Hongkong and Shanghai Banking Corp. Ltd. are joint lead underwriters and bookrunners.

Primeiro Partners was the financial adviser to the company.

Source: Manila Standard Today | August 21, 2014