The Securities and Exchange Commission approved Century Properties Group’s latest public offering of fixed-rate bonds worth up to P3 billion.
SEC said it authorized Century Properties’ registration of up to P2 billion worth of its P3 billion in debt securities due in 2024. The bonds have a right to buy all or part of the oversubscribed number, according to certain conditions.
On the new company statement, they plan to collect up to P2.94 billion, as long as the sale is entirely subscribed.
The group said their profits from the bid would be used to refinance maturing loans and for the company’s continuing capital expenses.
“The bonds will be sold at face value, and will be exchanged on the Philippine Trading and Exchange Corporation,” the regulatory agency added.
Century Properties has appointed China Bank Capital Corp. as the only problem advisor, sole lead underwriter, and sole bookrunner for the bond offering.
In the third quarter of 2020, Century Assets gained P571.48 million net profit, helped by profits from their investment properties and non-recurring losses in their activities. Its sales for the time span fell by 0.9 percent to P3.71 billion, relative to P3.75 billion last year.