By Marisa Wong
Morgantown, W.Va., April 15 – Philippines’ Century Properties Group Inc. raised PHP 3 billion from its issuance of three-year fixed-rate retail bonds, according to a company announcement.
The company had initially planned to issue PHP 2 billion of the bonds but exercised its PHP 1 billion oversubscription option due to strong demand.
Because of the significant interest in the offering, the bonds were priced at the tighter end of the indicative spread at an interest rate of 7.8203%, the company said.
China Bank Capital Corp. is the issue manager, lead underwriter and bookrunner.
The offer period ran from April 1 to April 5, as previously reported.
Proceeds will be used to partially finance development costs of affordable housing and townhome projects.
Century Properties is a Makati City-based real estate company.
| Issuer: | Century Properties Group Inc.
|
| Issue: | Fixed-rate retail bonds
|
| Amount: | PHP 3 billion
|
| Maturity: | Three years
|
| Manager: | China Bank Capital Corp.
|
| Coupon: | 7.8203%
|
| Offer period: | April 1-April 5
|
| Settlement date: | April 15
|
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