Century Properties lists P3-B five-year bonds

CENTURY Properties Group, Inc. (CPG) on Thursday listed the first P3-billion tranche of its P6-billion shelf-registered debt securities.

“As we value the trust given by our investors, we commit and we will be guided by our prudent financial management to help bring to fruition our expansion plans and make quality homes accessible to more Filipinos through our horizontal affordable housing business, a segment that has remained robust even as the pandemic loomed,” CPG President and Chief Executive Officer Marco R. Antonio said during the listing ceremony.

“We are also cautiously optimistic on the prospects of our leasing business and our vertical residential projects,” he added.

The company previously said that P1 billion of the proceeds from the bond offering will be used for the projects of its joint venture with Mitsubishi Corp., PHirst Park Homes, Inc.

PHirst Park Homes currently has 11 masterplanned communities in Batangas, Bulacan, Cavite, Laguna, and Pampanga.

Proceeds from the offering will also be used to partially refinance debt as well as for other general corporate purposes.

The P3-billion five-year 5.7524% fixed-rate retail bonds due 2027 issuance comprised a P2-billion base offer with an oversubscription option of P1 billion, marking the company’s fourth capital markets transaction of CPG.

“With the market fully taking up not only the P2-billion base offer but likewise, the full amount of the P1-billion oversubscription, we thank our investors for the trust and confidence and this confirms our outlook that brighter prospects are ahead of us, not only for CPG but also for the Philippine economy,” Mr. Antonio said.

Philippine Dealing & Exchange Corp. (PDEx) President and CEO Antonino A. Nakpil said the CPG’s P3-billion fixed-rate retail bonds were the fifth-straight oversubscribed issuance this year. The year-to-date total of the new listings at the PDEx amounts to P112.5 billion.

The total level of tradable corporate debt instruments stands at P1.38 trillion, which are issued by 53 firms via 193 securities.

Meanwhile, shares of Century Properties at the stock exchange declined 3.53% or 0.015 centavos to close at 41 centavos apiece on Thursday. — Keren Concepcion G. Valmonte