Century Properties Group, Inc., said it plans to issue P3 billion in bonds to finance projects.

Century Properties said the issue will be divided into a P2 billion initial tranche and another P1 billion as oversubscription.

Century Properties said the bonds will be offered with tenors of 3 years, 5 years, and 7 years.

The bonds will be listed with the Philippine Dealing and Exchange Corp. (PDEx).

The proceeds of the bonds will be used to partially finance construction of “3,250 residential units, and about 90,000 square meters of commercial space for lease,” the company said.

“By 2019, Century will have completed 1.67 million square meters of development, consisting of 31 buildings and over 150,000 square meters of commercial space for lease. In addition, we have a landbank of 200 hectares to develop in Metro Manila, and are looking at other promising areas in the country. We are proud of what we have accomplished and are excited to continue the successes of years past,” said Jose E.B. Antonio, Century Properties chairman.

Credit Rating and Investors Services Philippines Inc. as of June 6, 2014 has assigned an ‘AA+’ issue rating with a stable outlook on the bonds due to “strong market presence, healthy financial position, and excellent land banking strategy”.

Source: Malaya | June 23, 2014