Century Properties raises P3B in latest bond offer | Inquirer Business
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Century Properties raises P3B in latest bond offer

/ 04:00 AM March 02, 2021

Antonio family-led Century Properties Group Inc. (CPG) has raised P3 billion from a fresh bond offering, proceeds from which will support its expansion program.

CPG disclosed to the Philippine Stock Exchange on Monday that the offering of three-year bonds, at a coupon rate of 4.8467 percent per annum, was more than twice oversubscribed. CPG exercised a P1-billion oversubscription option from a base size of P2 billion.

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The bonds were listed on the local fixed income platform, Philippine Dealing and Exchange Corp.CPG chief finance officer and head for investor relations Ponciano Carreon Jr. said significant interest in the offering narrowed the pricing spread.

Proceeds from the issuance would be used to partially refinance bank term loans, cover the company’s capital expenditures for vertical developments, and fund general corporate purposes including, but not limited to, working capital.

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“We at Century Properties Group thank our institutional and retail investors, transaction parties, working group, and stakeholders for their continued trust in the company. The success of this fundraising is because of our collective hard work and your continued support and confidence in the growth of CPG,” said CPG president and chief executive Marco Antonio.

“This bond issuance is our third consecutive capital market transaction for CPG, and we are very pleased with the market’s strong reception to this offering. It is a testament to investors’ confidence in the company amidst a challenging economic backdrop as well as support for its growth initiatives and expansion strategy,” said Ryan Martin Tapia, president of China Bank Capital Corp., the sole issue manager, sole lead underwriter and sole bookrunner for the transaction.

—DORIS DUMLAO-ABADILLA INQ
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TAGS: Business, Philippine Stock Exchange, Stock
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