Philippine Securities and Exchange Commission renders effective Century Properties Group’s PHP 12 billion fixed-rate bond shelf registration

The Philippine Securities and Exchange Commission has rendered effective Century Properties Group, Inc.’s registration statement for a shelf registration of up to PHP 12 billion in fixed-rate bonds, subject to the company meeting certain remaining requirements. The debt securities programme supports an initial offering of up to PHP 3 billion, with an oversubscription option of up to PHP 2 billion. The initial tranche comprises four-year Series D bonds due in 2030 and seven-year Series E bonds due in 2033, to be offered at face value. Assuming the oversubscription is fully exercised, the issuer expects net proceeds of around PHP 4.9 billion, to be used to fund capital for its residential development projects. China Bank Capital Corporation was appointed sole issue manager and will act as joint lead underwriter and bookrunner with PNB Capital and Investment Corporation. The offer period is scheduled for January 26 to 30, with issuance and listing on the Philippine Dealing & Exchange Corp. targeted for February 6 based on the latest timeline submitted to the Commission.