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Regulators clear Century Properties’ debt sale

MANILA – The Securities and Exchange Commission (SEC) has approved Century Properties Group Inc’s P3-billion debt sale.

In a disclosure to the Philippine Stock Exchange, the property firm of former ambassador Jose EB Antonio said it priced the three-year bonds at 6 percent, the five-year and six-month bonds at 6.6878 percent and the seven-year bonds at 6.9758 percent.

The joint lead underwriters of the offering, which includes an oversubscription option of up to P1 billion, are BDO Capital & Investment Corp and The Hongkong and Shanghai Banking Corp Ltd.

Century Properties will list the bonds on the Philippine Dealing and Exchange Corp on September 2.

Proceeds of the debt sale will partly fund capital expenditures of over P12 billion for the development of the Boracay and Bahamas towers at Azure Residences; Roxas West, Quirino West and Quezon South at the Residences at Commonwealth in Quezon City; and Century Spire at Century City in Makati.

The real еstatе company has committed to complete 31 buildings until 2019, some of which have started development in 2012.

Known for its portfolio of local and internationally renowned brand partners, Century Properties has been diversifying its product offerings through its recent ventures into retail, office and leisure developments.

Century Properties’ net profit rose three percent year-on-year to P513.06 million in the first quarter from P500.56 million in 2013. Consolidated revenues jumped by a tenth to P2.85 billion in the January to March period from P2.60 billion a year ago.

Source: Interaksyon | August 15, 2014


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