Century Properties targeting to raise ₧3B from bond offer

Property developer Century Properties Group Inc. (CPG) has began to supply its P3-billion debt papers to the general public, proceeds of which will probably be used to fund its capital expenditures for its horizontal initiatives.

The corporate stated it has set the speed for its five-year fastened fee bond at 5.7524 % per yr, or increased than the present secondary fee of 4.4332 %.

The corporate is providing P2-billion price of bonds, with a P1-billion oversubscription choices. The paper will probably be listed and traded on the Philippine Dealing and Trade Corp. on February 24.

“We’re pleased with the robust capital markets situation permitting us to cost the issuance on the tighter finish of the vary of our indicative unfold,” Ponciano S. Carreon Jr., CPG’s CFO, stated.

That is the primary tranche of CPG’s P6-billion debt securities program beneath shelf registration with the Securities and Trade Fee.

A complete of P1 billion from the proceeds will fund capital expenditures for the horizontal reasonably priced housing developments of Phirst Park Properties Inc. (PPHI), its three way partnership with Japan’s Mitsubishi Corp.

The steadiness of the bond proceeds will probably be earmarked for partial debt refinancing and different normal company functions.

“This marks the fourth capital markets transaction of CPG, and we count on this providing to be very nicely acquired by a broad vary of buyers. We’re honored to be a dependable companion of the CPG group in reaching its progress ambitions,” Ryan Martin L. Tapia, president of China Financial institution Capital Corp. stated.

The financial institution is the only real problem supervisor, lead underwriter and sole bookrunner for the provide.

As of September, Phirst Park launched three new initiatives with whole anticipated income of P2.9 billion. These are in Common Trias, Cavite; Baliwag, Bulacan; and Tayabas, Quezon.

“We’re enormously inspired with the capital markets confidence in CPG and with the continued desire of first-home consumers for our PPHI initiatives,” CPG President and CEO Jose Marco R. Antonio stated.

“For this yr, we will probably be launching 4 new masterplanned communities to serve the robust demand for high quality reasonably priced houses.” The general public provide interval for CPG’s bond providing will finish on February 18.