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Century Properties sets maiden bond offer price

Century Properties Group Inc. (CPG), the property firm of former ambassador Jose E.B. Antonio, has priced its maiden bond offering to raise P3 billion for the company’s expansion plan over the next few years.

The offer will comprise P2 billion unsecured fixed rate retail bonds with an oversubscription option of P1 billion, CPG said in a disclosure to the stock exchange.

The bond will be issued in three series: three-year bonds with 6 percent interest rate due 2017; five-year bonds to mature in 2020 with an interest of 6.6878 percent and seven-year bonds with 6.9758 percent interest.

CPG appointed BDO Capital & Investment Corp. as its issue manager, while BDO Capital and The Hongkong and Shanghai Banking Corp. Limited are joint lead underwriters and bookrunners. Primeiro Partners serves as a financial adviser to CPG.

The P3-billion debt sale through underwriters will take place from August 18 to 26, and the bonds will be issued on September 2.

CPG said the bonds received an AA+ rating with a stable outlook by the Credit Rating and Investor Services Philippines Inc. (Crisp) last June 6, which signifies strong capacity to repay debt obligations.

According to the rating advice, CPG is expected to maintain its hold and diversification in its domestic market segments, as well as receiving continued patronage from its overseas Filipino market.

The company expects to complete a total of 31 residential buildings by 2019. Its portfolio of launched residential projects is over 90 percent pre-sold.

Besides residential buildings, CPG also expects to complete four commercial buildings totaling 100,000 square meters (sqm) of leasable area by 2020.

The firm also said it will turn over the 28-story Centuria Medical Makati by year-end. It is an outpatient IT medical arts building with more than 500 doctors’ clinics and other medical facilities such as a diagnostic laboratory, day surgery center, and pharmacy.

In March, the company opened Century City Mall to the public. It is a 50,000-sqm, five-level lifestyle commercial center and is the first new mall in Makati City in nearly a decade.

As of first half of this year, CPG has completed 25 condominiums, comprising a total of 8,777 units. The company’s projects include Essensa East Forbes in Fort Bonifacio; SOHO Central in the Greenfield District, Mandaluyong City; the Gramercy Residences and Knightsbridge Residences in its flagship Century City, Makati City; and the first three towers of Azure Urban Resort Residences in Parañaque City.

Incorporated in 1975, CPG is involved in the real еstatе business through its wholly-owned subsidiaries Century City Development Corp., Century Limitless Corp., Century Communities Corp. and Century Properties Management.

Source: The Manila Times | August 20, 2014


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