The Securities and Exchange Commission (SEC) has approved the planned P3-billion public offering of fixed rate bonds by Century Properties Group, Inc. (CPG).
The SEC said the Commission En Banc resolved to render effective the registration statement of CPG covering up to P2 billion of three-year bonds due in 2024, with an oversubscription option of up to P1 billion, subject to certain remaining requirements.
The company expects to net up to P2.94 billion from the offer, assuming the oversubscription option is fully exercised.
The proceeds will be used to refinance maturing debt, fund capital expenditures for ongoing projects as well as general corporate requirements.
The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing & Exchange Corp.
CPG tapped China Bank Capital Corporation as the sole issue manager, sole lead underwriter, and sole bookrunner for the offer.
The firm said it is facing the new year with optimism and aims to overcome challenges through diversification and a focus on sustainability for its real estate projects.
“As we prepare for 2021, Century Properties is ready to take on the year with optimism, guided by the three core principles of Innovation, Resilience and Growth, and Sustainability,” CPG said.
It added that, “The company will continue to re-align its strategies to meet the changing consumer needs and be of better service to its customers.”
Recognizing that there will be economic challenges, CPG said it will “remain strong by diversifying its portfolio for further expansion, while reducing its carbon footprint and creating buildings with the future of the planet in mind.”
To respond to the changing times, Century Properties said it will remain agile – looking for ways on how to do things better in the service of its clients and stakeholders.
During the COVID crisis this year, Century Properties said it rose above the hurdles by quickly addressing the roadblocks set by the times.
Despite the challenges, Century Properties soldiered on and pushed through with its business expansion plans. Aside from growing its commercial leasing business and affordable housing portfolio, it also maintained the healthy sales of its in-city vertical developments.