SEC approves Century plan to issue P3-B worth of bonds
The Securities and Exchange Commission has approved the plan of property developer Century Properties Group Inc. to debut on the local bond market with an offering worth P3 billion.
In a disclosure to the Philippine Stock Exchange on Friday, CPG said it was offering bonds in three-, five- and seven-year tenors.
These are expected to be listed on the fixed income trading platform Philippine Dealing and Exchange Corp. on Sept. 2.
The bonds were priced to yield as follows: three years at 6 percent a year, five years and six months at 6.6878 a year and seven-year bonds at 6.9758 percent a year.
The bonds were priced by CPG together with its joint lead underwriters BDO Capital & Investment Corp. and The Hongkong and Shanghai Banking Corp. Ltd.
The offering is in line with CPG’s strategy to diversify its funding base and pursue growth opportunities that enhance returns to shareholders.
From 2012 to 2016, CPG expects to turn over to buyers 17 projects with over 10,600 units and a combined footprint of 1.086 million square meters. As of end-March, 96 percent of these units had been pre-sold.
CPG has 28 years of experience in the real estate business. It has four subsidiaries, namely Century City Development Corp., Century Limitless Corp., Century Communities Corp. and Century Properties Management.
As of end-2013, the company has completed 24 condominium and commercial buildings (8,197 units) with a total gross floor area of 836,867 square meters, including: Essensa East Forbes in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, Pacific Place in Ortigas, collection of French-inspired condominiums in Makati City called Le Triomphe, Le Domaine and Le Metropole and the Gramercy Residences in Century City, Makati City.
Early this year, CPG also opened Century City Mall, marking its initial foray into retail development. Doris C. Dumlao
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.