Listed property developer Century Properties Group Inc. raised P3 billion in fresh funds from its latest bond offering, which was more than twice oversubscribed from the base offer.
The debt was listed on Monday at the Philippine Dealing and Exchange Corp.
The 3-year unsecured debt carries a coupon rate of 4.8467 percent per annum.
Ponciano S. Carreon Jr., the company’s CFO, said significant interest in the offering moved the pricing at the tighter end of the spread range.
Proceeds from the issuance will be used to partially refinance bank term loans, finance the company’s capital expenditures for vertical developments, and fund general corporate purposes including working capital.
“We at Century Properties Group thank our institutional and retail investors, transaction parties, working group, and stakeholders for their continued trust in the company. The success of this fundraising is because of our collective hard work and your continued support and confidence in the growth of CPG,” company president and CEO Marco R. Antonio said.
“The business environment is currently challenged by the global pandemic, but we are optimistic about a future where CPG creates New Generation Real Estate that is responsive to the needs of the times.”
China Bank Capital is the sole issue manager, sole lead underwriter and sole bookrunner for the transaction.
“This bond issuance is our third consecutive capital market transaction for CPG, and we are very pleased with the market’s strong reception to this offering. It is a testament to investors’ confidence in the company amidst a challenging economic backdrop as well as support for its growth initiatives and expansion strategy,” Ryan Martin L. Tapia, President of China Bank Capital Corp., said.
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