THE Securities and Exchange Commission (SEC) has approved the registration of Century Properties Group, Inc.’s P6-billion debt securities program, “subject to certain remaining requirements.”
In a statement on Wednesday, the regulator said Century Properties may offer the shelf-registered bonds in one or more tranches within three years.
The initial tranche will be offered to the public in February, which comprises P2-billion five-year fixed-rate bonds due 2027 along with an oversubscription option of up to P1 billion.
The SEC said Century Properties may net up to P2.94 billion from the initial bond offer should the oversubscription be taken up.
Net proceeds will be used to refinance company debt, fund capital expenditures for horizontal affordable housing developments, as well as fund general corporate requirements.
According to the latest timetable submitted to the regulator, Century Properties plans to offer the first tranche of the bonds from Feb. 14 to 18, while its listing at the Philippine Dealing & Exchange Corp. is set on Feb. 24.
Century Properties tapped China Bank Capital Corp. to be the sole issue manager, sole lead underwriter, and sole bookrunner of the offer.
Shares of Century Properties at the stock exchange closed unchanged at 40 centavos apiece for the third consecutive day since Jan. 21. — Keren Concepcion G. Valmonte