By The Financial District
Mar 1, 20211 min
Listed property developer Century Properties Group, Inc. (CPG: PM) has announced that it raised P3.0 billion in fresh funds from its latest bond offering, which was more than twice oversubscribed from the base offer.
At the company’s virtual listing ceremony today (March 1), at the Philippine Dealing and Exchange Corp., CPG said the three-year unsecured Peso-denominated fixed-rate retail bonds, carrying a coupon rate of 4.8467% per annum, were well received by investors that CPG had to exercise its P1.0 billion oversubscription option from a base size of P2.0 billion.
CPG’s Chief Finance Officer and Head for Investor Relations Ponciano S. Carreon, Jr. said significant interest in the offering moved the pricing at the tighter end of the marketing spread range.
Proceeds from the issuance will be used to partially refinance bank term loans, finance the company’s capital expenditures for vertical developments, and fund general corporate purposes including, but not limited to, working capital.
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