Property developer Century Properties Group Inc. said Wednesday it has established a P6-billion debt securities program.
CPG said in a filing with the Securities and Exchange Commission it would initially issue P2-billion worth of fixed-rate retail bonds, with an oversubscription option for another P1 billion.
It said it would use the net proceeds to partially refinance debt, fund capital expenditures for horizontal affordable housing developments and finance general corporate requirements.
CPG said it would repay P1-billion worth of debt maturing in April next year. It also set aside P1 billion to fund future horizontal affordable housing development projects in Cavite and Bataan provinces.
The offer period was tentatively set on Feb. 14 to 18, 2022 while the issue date would be on Feb. 24.
The five-year bonds will be listed on the Philippine Dealing & Exchange Corp.
CPG tapped China Bank Capital Corp. as the sole issue manager, sole lead underwriter and sole bookrunner for the offer.
CPGI and Mitsubishi Corp. announced plans in November to broaden its partnership through joint venture company PHirst Park Homes Inc. as they seek to build more residential and non-residential projects across the country.
PPHI’s has residential projects in Tanza, Cavite; Lipa, Batangas; San Pablo, Laguna; Pandi, Bulacan; Calamba, Laguna; Nasugbu, Batangas; Magalang, Pampanga; General Trias, Cavite; Tayabas, Quezon; and Baliwag, Bulacan.
The share price of CPG closed unchanged at P0.395 Wednesday.