Century Properties raises P3 billion from bond issue

MANILA, Philippines — Century Properties Group  successfully raised P3 billion  from the issuance of  fixed rate bonds.

The bonds due 2027 are part of the initial tranche of a total planned issuance of  P6 billion.

The bonds were listed at the Philippine Dealing & Exchange Corp. (PDEx), the country’s fixed income exchange yesterday.

Net proceeds would be used to partially refinance debt, in particular bonds issued in 2019, fund capital expenditures for horizontal affordable housing developments, and for  general corporate requirements.

The company has tapped China Bank Capital Corp. as the sole issue manager, sole lead underwriter, and sole bookrunner for the offer.

Century Properties is engaged in the development, marketing, and sale of mid- and high-rise condominiums and single-detached homes, leasing of retail and office space, and property management. As of end-December 2020, the company completed 32 projects.

It operates through six wholly-owned subsidiaries namely, Century Communities Corp, Century City Development Corp., Century Limitless Corp., Century Properties Management Inc., Century Destinations and Lifestyle Corp., and PHirst Park Homes Inc.

For PHirst Park Homes, Century Properties partnered with Mitsubishi Corp. to build more residential and non-residential projects.

At present, the affordable housing segment has projects in Tanza, Cavite; Lipa, Batangas; San Pablo, Laguna; Pandi, Bulacan; Calamba, Laguna; Nasugbu, Batangas; Magalang, Pampanga; General Trias, Cavite; Tayabas, Quezon; and Baliwag, Bulacan.