Century Properties Group said Tuesday it raised P4.2 billion from the issuance of a dual-currency five-year loan facility.

Century Properties said in a disclosure to the stock exchange it would use proceeds from the five-year loan facility to the finance construction of seven buildings in three development projects.

Century Properties chief finance officer Jose Carlo Antonio said the facility lowered the company’s cost of debt and secured the company’s working capital requirement for seven pre-sold projects targeted to be turned over to unit buyers between 2015 and 2017.

“The facility provides the company with financial flexibility by allowing profits from completed and soon to be completed projects, as well as funds raised from its recent equity placement, to embark on growth opportunities to enhance shareholder value,” Antonio said.

Standard Chartered Bank arranged the loan while Primeiro Partners was the financial adviser, the condominium builder said.

The property firm reported a 10-percent growth in net income to P501 million in the first quarter from P454 million in the same period last year.

First-quarter revenues rose 5 percent to P2.6 billion from P2.5 billion year-on-year, while reservation sales increased 10 percent to P5.8 billion from P5.3 billion.

The bulk of the reservation sales came from Trump Tower at Century City in Kalayaan Avenue in Makati City, Acqua Iguazu yoo inspired by Starck, Azure Urban Resort Residences and the Residences at Commonwealth projects.

The company allotted P7 billion to P8 billion for its capital expenditures this year.

Source: Manila Standard Today | June 12, 2013