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Manila Bulletin devider Business devider Century Properties plans P3-B retail bond offer

Century Properties plans P3-B retail bond offer

Published Dec 29, 2021 02:43 pm

Century Properties Group, Inc. is planning to raise up to P3 billion from a planned public offering of fixed rate retail bonds for refinancing and funding of its capital expenditures.

The Securities and Exchange Commission said it has received the registration statement of CPGI for the public offering of P2 billion worth of fixed rate retail bonds, with an oversubscription option of up to P1 billion.

Century-Properties-Group-Inc-logo

The 5-year fixed rate retail bonds will be due in 2027 and will be issued at 100 percent of face value on February 24, 2022. The interest rate has yet to be set.

The offering is the first tranche of the P6-billion debt securities the company has filed with the Commission under shelf registration. The bonds will be issued within three years.

Net proceeds from the offer will be used to partially refinance debt, fund capital expenditures for horizontal affordable housing developments, and fund general corporate requirements.

About P1 billion will be used to refinance bonds with an interest rate of 7.82 percent on April 15, 2022 while P959 million will be allotted for capex of its affordable housing developments from March to December 2022 in Cavite and Bataan.

If over-allotment option is exercised, P985 million will be used to fund general corporate requirements from March to December 2022.

The company engaged China Bank Capital Corporation as the sole issue manager, sole lead underwriter, and sole bookrunner for the offer.

CPGI and Mitsubishi Corporation are eyeing a longer and broadened partnership thru their joint venture company PHirst Park Homes, Inc. (PPHI) with the aim of building more residential and non-residential projects.

CPG President and CEO Marco R Antonio

“Our idea here is to increase and broaden our presence in addressable markets via new products, new formats, and in more segments” Century Properties Group, Inc. President and CEO Marco R. Antonio said.

PPHI continues to grow within the affordable housing platform. “The market’s resilience continues to motivate us to move forward and bring our core product offering to a nationwide scale,” PHirst Park Homes President and CEO Ricky M. Celis said.

The two firms have signed a term sheet agreement which will allow PPHI to help address the country’s big housing backlog in the affordable market.

Its current 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, have enjoyed tremendous success, with 73 percent of its 13,829 units of inventory already pre-sold as of September 30, 2021.

A total of P25.4 billion sales value is expected from these 10 affordable housing projects, with sold revenues equivalent to P16.9 billion as of September 30, 2021.

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