^

Business

Century Properties to issue P6 billion bonds

Iris Gonzales - The Philippine Star

MANILA, Philippines — Century Properties Group Inc., the property development arm of the Antonio family, has filed a registration statement with the Securities and Exchange Commission (SEC) covering the issuance of P6 billion in fixed-rate retail bonds over a period of three years.

The debt program, shelf registered with the SEC, consists of a first tranche of P2 billion in five-year fixed rate bonds with an oversubscription option of P1 billion for a total amount of up to P3 billion.

CPG tapped Chinabank Capital as sole issue manager, sole leader underwriter and sole book runner for the issue.

The bonds will be listed at the Philippine Dealing & Exchange Corp.

Proceeds from the offer shall be used for partial refinancing of bonds issued in 2019, to fund capital expenditures for horizontal affordable housing developments, and for general corporate requirements.

The company’s affordable housing brand is through PHirst Park Homes Inc. (PPHI), a joint venture with Mitsubishi Corp.

The partners earlier agreed to broaden their partnership through PPHI as they seek to build more residential and non-residential projects.

For the nine months ending Sept. 30, 2021, PPHI contributed P2.76 billion to CPGI’s consolidated revenues of P6.07 billion.

Its projects located in Tanza, Cavite; Lipa, Batangas; San Pablo, Laguna; Pandi, Bulacan; Calamba, Laguna; Nasugbu, Batangas; Magalang, Pampanga; General Trias, Cavite; Tayabas, Quezon; and Baliwag, Bulacan, enjoyed strong sales, with 73 percent of its 13,829 units of inventory already pre-sold  as of end-September.

A total of P25.4 billion is expected from the sales of these projects.

CENTURY PROPERTIES

SEC

Philstar
  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with