Century Properties raises P3 B from bond issuance » Manila Bulletin Business

Manila Bulletin Philippines

Breaking News from the Nation's leading newspaper

Tempo

Online Newspaper

Showbiz and Celebrity News

Sports News

World News
News Asia

Century Properties raises P3 B from bond issuance

Published

By Madelaine B. Miraflor

For the first time since 2014, listed property developer Century Properties Group, Inc. (CPG) has raised P3 billion through a bond issuance at the Philippine Dealing and Exchange Corp. (PDEX).

“This was the first corporate peso bond deal to price for 2019 and CPG’s first corporate debt capital deal since 2014,” CPG Chief Operating Officer Marco Antonio said in a statement.

A disclosure to the Philippine Stock Exchange showed that CPG was initially targeting to raise only P2.0 billion, but due to strong demand, it eventually exercised its oversubscription allowance and raised a total of P3.0 billion.
Proceeds of such issuance will be used by the company to partially finance development costs for its affordable housing and townhome projects.

“Because of the significant interest in the offering, the three-year unsecured fixed rate peso bonds due in 2022 were priced at the tighter end of the indicative spread at an interest rate of 7.8203 percent,” CPG told the stock exchange.

China Bank Capital Corporation was the issue manager, lead underwriter and bookrunner for the transaction.

“This [fundraising activity] is a significant milestone for CPG as it continues to expand into various asset classes and diversify its funding sources towards becoming a bigger and more profitable company,” Antonio further said.

Related Posts