Century Properties eyes $150M offshore bond debut

PROPERTY developer Century Properties Group plans to raise as much as $150 million by tapping the offshore debt market for the first time.
CPG’s board passed a resolution to authorize the offering of US dollar bonds or notes, proceeds from which will be used for “general corporate purposes,” the company said on Friday.
The property developer mandated foreign banks HSBC, Standard Chartered Bank and UBS to arrange this offering.
CPG aims to launch this debt offering by February this year.
The US dollar bonds may only be offered to not more than 19 non-qualified buyers and to any number of qualified buyers as defined in the Philippine’s Securities Regulations Code, the company disclosed to the Philippine Stock Exchange. Accordingly, the offer and sale of the notes will not be registered with the Securities and Exchange Commission, it added.