CPG completes P3B bond issue

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    Century Properties Group Inc. has completed its P3-billion bond issuance with its listing with the Philippine Dealing and Exchange Corp.

    The company said the bond issuance, a three-year unsecured borrowing carrying a 4.8467 percent coupon, was more than twice oversubscribed.

    The issuance was “well received by investors that Century Properties had to exercise its P1 billion oversubscription option from a base size of P2 billion,” said Ponciano Carreon Jr., Century Properties chief finance officer.

    Carreon said significant interest in the offering “moved the pricing at the tighter end of the marketing spread range.”

    Proceeds from the issuance will be used to partially refinance bank term loans, finance the company’s capital expenditures for vertical developments, and fund general corporate purposes including working capital.