Economy

SEC clears Century Properties bond offering

THE Securities and Exchange Commission (SEC) has approved the public offering of Century Properties Group, Inc. of up to P3 billion worth of fixed rate bonds.

In a statement on Friday, SEC said it had given the green light to Century Properties’s registration that covers up to P2 billion of three-year bonds due in 2024. The bonds have an oversubscription option of up to P1 billion pesos subject to certain requirements.

According to the SEC, the company expects to raise up to P2.94 billion from the offer, as long as the oversubscription option is fully exercised.

The commission said that Century Properties would use the proceeds from the offer to refinance maturing debt and bankroll capital expenditures for ongoing projects and general corporate requirements.

“The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing & Exchange Corp. (PDEx),” the SEC said.

China Bank Capital Corp. has been tapped by Century Properties as the sole issue manager, sole lead underwriter, and sole bookrunner for the bond offering.

During the third quarter of 2020, the profits of Century Properties rose 74% to P571.48 million, backed by gains from its investment properties and non-recurring losses recorded in the previous year. Its revenues for the period fell 0.9% to P3.71 billion, against P3.75 billion in 2019.

On Friday, shares in the company at the stock exchange fell 1.12% or P0.005 to close at P0.440 each. — Revin Mikhael D. Ochave

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