Century Properties Group, Inc. (CPG:PM) lists its 5-year P3 billion bond at the Philippine Dealing & Exchange Corp. (PDEx) after a successful market take up of the P2 billion base offer size and P1 billion oversubscription option.
“This recently concluded capital markets deal has been encouraging as it reflects a more upbeat sentiment on overall domestic business and economic prospects. This has allowed us to catch the benchmark rates at comparatively low levels and price the issuance at the tight end of the indicative spread, translating into a coupon rate of 5.7524 percent p.a.,” said Ponciano S. Carreon, Jr., CPG Chief Finance Officer.
The issuance is the first tranche of the group’s P6 billion SEC shelf-registered debt instruments.
The company said P1 billion from the proceeds will fund capital expenditures of PHirst Park Homes, Inc. (PPHI), a joint venture with Mitsubishi Corporation, while the balance will be allocated to debt refinancing and other general corporate purposes.
For the first nine months of 2021, CPG reported revenues and net income of P6.1 billion and P815 million, respectively with its leasing businesses and PPHI proving to be resilient and performing above targets.
