MANILA - The Securities and Exchange Commission (SEC) en banc on Thursday approved the planned P3-billion bond offering of Century Properties Group Inc (CPG).
The SEC said Friday CPG's bond offer comprises P2 billion worth of 3-year bonds due 2024, and an oversubscription option up to P1 billion.
"The company expects to net up to P2.94 billion from the offer, assuming the oversubscription option is fully exercised. The proceeds will be used to refinance maturing debt, fund capital expenditures for ongoing projects as well as general corporate requirements," the commission said in a statement.
The bonds will be listed at the Philippine Dealing & Exchange Corp.
China Bank Capital Corp is assigned sole issue manager, lead underwriter and bookrunner.
CPG is targeting the completion of more than 2,000 condominium units by the second quarter of 2021-- which includes 500 units of the Residences at Commonwealth in Quezon City, and 1,600 units at the Residences at Azure North in San Fernando, Pampanga.