CENTURY Properties Group Inc.’s proposed shelf registration of up to P12 billion worth of fixed-rate bonds has been greenlit by the Securities and Exchange Commission (SEC), paving the way for the issuance of an initial tranche.
In a statement on Wednesday, the SEC said the commission en banc had resolved to render effective the company’s registration statement for the P12-billion fixed-rate bond program, subject to compliance with remaining requirements.
The initial offering will involve the sale of up to P3 billion in bonds with an oversubscription option of up to P2 billion, which will consist of four-year Series D bonds due in 2030 and seven-year Series E bonds due in 2033.
Assuming the oversubscription option is fully exercised, Century Properties expects to net around P4.9 billion from the initial issuance.
Proceeds from the bond sale will be used to fund the capital requirements of the company’s residential development projects.
The offer period will run from Jan. 26 to 30 while the issuance and listing of the bonds on the Philippine Dealing & Exchange Corp. is set for Feb. 6.
China Bank Capital Corp. was tapped as sole issue manager and will also act as joint lead underwriter and bookrunner together with PNB Capital and Investment Corp.
Century Properties in December said that its board had approved the fundraising plan. Earlier this month, it filed the necessary registration documents with the SEC.
Century Properties shares on Wednesday climbed P0.03, or 4.11 percent, to close at P0.76 each.
