Century Properties sets retail bond offering to raise up to P3B
The Securities and Exchange Commission (SEC) has approved a plan of Antonio family-led property developer Century Properties Group Inc. (CPG) to raise up to P3 billion through an offering of retail bonds.
In its meeting on Jan. 21, the SEC en banc cleared CPG’s registration statement covering up to P2 billion of three-year bonds due in 2024, with an oversubscription option of up to P1 billion, subject to certain remaining requirements.
Proceeds from the offering will be used to refinance maturing debt and fund capital expenditures for ongoing projects as well as general corporate requirements.
The bonds will be offered at face value, listed and traded on the Philippine Dealing & Exchange Corp.
CPG tapped China Bank Capital Corp. as the sole issue manager, sole lead underwriter and sole bookrunner for the offer.
In 2020, CPG turned over 1,200 residential units to homebuyers. From February to April this new year, another 1,600 units will be delivered.
Construction is currently ongoing at Commonwealth by Century in Quezon City, Batulao Artscapes in Nasugbu, Batangas province, and Azure North in San Fernando, Pampanga province.
CPG, however, has temporarily closed and deferred the opening of its 310-room hotel operation at Tower 6 of Acqua Private Residences, citing the need to protect the safety of staff and guests, alongside stakeholder interest.
The company said it was ready to take on 2021 with optimism, vowing to realign its strategies to meet the changing consumer needs. It seeks to diversify its portfolio for further expansion, while reducing its carbon footprint and creating buildings with the future of the planet in mind.
Recognizing the need to meet clients on another platform, CPG has ramped up its digitalization efforts. It enhanced its websites to include virtual tours, allowing potential homeowners to view the properties without having to go to the actual location.
CPG also introduced a client credit assistance program to guide clients on the requirements needed when applying for a home loan in any of its accredited banks. It also developed Cora, the customer online records assistant, which can update homeowners on development progress, track receipts and documents, and pay for monthly amortizations via credit card.—Doris Dumlao-Abadilla INQ
