Business Property

Century Properties raises P3B from bond offer

Antonio family-led Century Properties has raised P3 billion from a new offering of local bonds that was warmly received by investors.

Antonio family-led Century Properties has raised P3 billion from a new offering of local bonds that was warmly received by investors.

The three-year bonds, which were more than twice oversubscribed, carried a coupon rate of 4.8467% per annum.

CPG’s chief finance officer and head for investor relations Ponciano S. Carreon Jr. said significant interest in the offering moved the pricing at the tighter end of the marketing spread range.

Proceeds from the offer will be used to partially refinance bank term loans, finance the company’s capital expenditures for vertical developments, and fund general corporate purposes including, but not limited to, working capital.

“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,” said Marco R. Antonio, president and CEO of CPG.

“”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,” said Ryan Martin L. Tapia, president of China Bank Capital Corp, the sole issue manager, sole lead underwriter and sole bookrunner for the transaction.

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