THE Securities and Exchange Commission (SEC) has approved Century Properties Group, Inc.’s debt securities program, allowing the company to offer an initial trancheTHE Securities and Exchange Commission (SEC) has approved Century Properties Group, Inc.’s debt securities program, allowing the company to offer an initial tranche

Century Properties gets approval for P12-B debt securities program

THE Securities and Exchange Commission (SEC) has approved Century Properties Group, Inc.’s debt securities program, allowing the company to offer an initial tranche of up to P5 billion in bonds as part of a broader P12-billion shelf registration.

In a meeting on Jan. 15, the Commission En Banc rendered effective the company’s registration statement, covering fixed-rate bonds under the shelf registration, subject to Century Properties’ compliance with certain remaining requirements, the SEC said in a statement on Wednesday.

The listed property developer plans to offer up to P3 billion in fixed-rate bonds for the initial tranche, with an oversubscription option of up to P2 billion, bringing the potential total of the offering to P5 billion.

The bonds will include four-year Series D bonds maturing in 2030 and seven-year Series E bonds maturing in 2033, both issued at face value.

If fully subscribed and with the oversubscription exercised, the initial offering is expected to generate net proceeds of up to P4.9 billion, which the company intends to use for its residential development projects.

The offer period is scheduled from Jan. 26 to 30, with listing on the Philippine Dealing & Exchange Corp. targeted for Feb. 6, according to the timetable submitted to the SEC.

Century Properties appointed China Bank Capital Corp. as sole issue manager, which will also serve as joint lead underwriter and bookrunner alongside PNB Capital and Investment Corp.

On Wednesday, Century Properties shares rose by 4.11%, closing at 76 centavos apiece. — Alexandria Grace C. Magno

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