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Manila Bulletin devider Business devider SEC approves CPGI's P6-B bonds

SEC approves CPGI's P6-B bonds

Published Jan 26, 2022 03:52 pm

The Securities and Exchange Commission (SEC) has approved the planned public offering by Century Properties Group Inc. (CPGI) of P6 billion worth of fixed-rate bonds under shelf registration.

In its meeting on Jan. 25, the Commission En Banc resolved to render effective the registration statement filed by CPGI for the debt securities program, subject to certain remaining requirements.

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The bonds may be offered in one or more tranches within a period of three years. For the first tranche, the listed property developer will offer up to P2 billion of five-year fixed-rate bonds due 2027, with an oversubscription option of up to P1 billion.

Net proceeds from the offer could amount to P2.94 billion, assuming the overallotment option is fully exercised.

Proceeds will be used to partially refinance the company’s debt, to fund capital expenditures for horizontal affordable housing developments, and to fund general corporate requirements.

CPGI will offer the bonds comprising the first tranche at face value from Feb. 14 to 18, in time for their listing on the Philippine Dealing & Exchange Corp. on Feb. 24, according to the latest timetable submitted to the SEC.

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

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Century Properties Group Inc. Securities and Exchange Commission
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