Century Properties prices P3-B maiden bond offering

Posted at 08/20/2014 1:21 PM

MANILA, Philippines – Century Properties Group Inc. on Wednesday priced its P3-billion maiden bond offering.

CPG is offering unsecured fixed-rate peso retail bonds worth P2 billion, with an oversubscription option of P1 billion.

The bonds are being offered to investors from August 18 to August 26 and will be issued pursuant to the terms and conditions of the bonds on September 2.

"The bonds are comprised of 6 percent p.a. three year bonds, 6.6878 percent p.a. five year bonds, and 6.9758 percent p.a. seven year bonds," the company said.

The bonds will be due in 2017, 2020, and 2021, respectively.

The bonds have been rated “AA+” with a Stable outlook by the Credit Rating and Investor Services Philippines Inc. (CRISP) on June 6. An “AA+” reflects very strong capacity to repay debt obligations.

BDO Capital & Investment Corporation is the issue manager for the transaction, while BDO Capital & Investment Corporation and The Hongkong and Shanghai Banking Corporation Limited are joint lead underwriters and bookrunners.

Primeiro Partners, meanwhile, serves as the company’s financial adviser.

The Antonio-led Century Properties bared plans early this year in transitioning into a well‐diversified real estate developer with significant recurring and predictable revenue streams.

The firm is expected to complete 31 residential buildings from its listing in 2012 to 2019. The firm said its portfolio of launched residential projects is over 90 percent pre‐sold.

In March of this year, Century Properties completed Century City Mall, a 50,000‐square meter and five-level lifestyle center.

By the end of the year, the firm expects to turn over Centuria Medical Makati, an outpatient IT medical arts building in Century City.

The 28‐storey building will house over 500 doctors’ clinics and complementing facilities such as a diagnostic laboratory, day surgery center, and pharmacy.

By 2019, Century Properties expects to complete four more commercial buildings totaling 100,000 square meters, including the world’s first Forbes‐branded commercial building in Makati City.

Century Properties, including its affiliated companies, has completed 25 condominiums totaling 8,777 units in its 28‐year history.