MANILA, Philippines - Property developer Century Properties Group said it has closed a dual-currency secured term loan facility of up to P4.2 billion, which will fund its projects.
In a disclosure to the Philippine Stock Exchange, Century Properties chief financial officer Jose Carlo R. Antonio said loan proceeds will be used to finance the construction of seven buildings in Century's three developments.
The 5-year facility was led by mandated lead arranger and book runner, Standard Chartered Bank. Primeiro Partners was the financial advisor to Century Properties.
With the secured term loan facility, Antonio said the company's financing costs were lowered, as well as secured the working capital needed for the seven pre-sold projects targeted to be turned over between 2015 and 2017.
"In addition, it provides Century Properties financial flexibility by allowing profits from completed and soon to be completed projects, as well as funds raised from CPG’s recent equity placement, to embark on growth opportunities to enhance shareholder value," he said.
In March, Century Properties raised $40 million from an overnight equity deal. Proceeds from the deal were set aside for its expansion and landbanking activities.
In the first quarter of 2013, Century Properties reported its net income increased to P501 million from P454 million.