CENTURY PROPERTIES Group, Inc. (CPG) is raising up to $150 million (P6.6 billion) from a debt offering in February to fund spending for “general corporate purposes,” the luxury condominium developer said on Friday.
In a disclosure to the Philippine Stock Exchange, CPG said its board of directors approved the transaction in a special meeting on Friday.

“The Board has been informed that the Notes may only be offered to not more than nineteen (19) non-qualified buyers and to any number of qualified buyers as defined in the Philippine’s Securities Regulations Code,” the disclosure read.

The notes will be listed on the Singapore Stock Exchange (SGX) and will not be registered with the local Securities and Exchange Commission, the company said in the regulatory filing.

“The USD Bonds will be the direct, unconditional, unsubordinated and unsecured obligations of CPG. The Guarantees will be the direct, unconditional, unsubordinated and unsecured obligation of CPG’s operating subsidiaries,” the company said in an e-mailed statement.

The high-end developer said it has hired HSBC Holdings plc, Standard Chartered Bank, and UBS AG as underwriters for the dollar bond sale.

“There can be no assurance in respect of: (i) whether the Company would issue such debt securities at all; (ii) the size or timing of any individual issuance or the total issuance of such debt securities; or (iii) the specific terms and conditions of any such issuance,” CPG said.

CPG is the builder of Essensa East Forbes in Fort Bonifacio in Taguig, Pacific Place in Ortigas and the Gramercy Residences in Century City in Makati.

Shares of the company shed one centavo or 1.01% to close at P0.98 apiece on Friday.

Source: Businessworld Online | January 30, 2015