The Securities and Exchange Commission (SEC) has approved the registration of Century Properties Group, Inc.’s $6 billion debt program, “subject to certain remaining requirements.”
In a statement on Wednesday, the regulator said Century Properties could offer the registered off-the-shelf bonds in one or more tranches within three years.
The initial tranche will be offered to the public in February, which includes five-year fixed-rate bonds of 2 billion pesos maturing in 2027 as well as an oversubscription option of up to 1 billion pesos.
The SEC said Century Properties could withdraw up to 2.94 billion pesos from the initial bond offering if the oversubscription is accepted.
Net proceeds will be used to refinance corporate debt, fund capital expenditures for horizontal affordable housing developments, as well as fund general corporate purposes.
According to the latest timetable submitted to the regulator, Century Properties plans to offer the first tranche of the bonds from February 14 to 18, while its listing on the Philippine Dealing & Exchange Corp. is set for February 24.
Century Properties brought in China Bank Capital Corp. to be the sole issue manager, sole lead underwriter and sole bookrunner of the offering.
Century Properties’ shares on the stock exchange closed unchanged at 40 centavos each for the third straight day since Jan. 21. Keren Concepcion G. Valmonte