SEC clears CPG’s P3 billion bond issue

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the bond offering of Century Property Group Inc. (CPG) of the Antonio Group.

CPG plans to issue P3 billion in three-year bonds, consisting of a base offer of P2 billion and an oversubscription option of P1 billion.

Of the amount, the company expects to net up to P2.94 billion from the offer, assuming the oversubscription option is fully exercised, proceeds of which would be used to refinance maturing debt, fund capital expenditures for ongoing projects as well as general corporate requirements.

The SEC approved the offering during its meeting on Thursday.

The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing & Exchange Corp.

CPG tapped China Bank Capital Corp. as the sole issue manager, sole lead underwriter and sole book-runner for the offer.

The property firm posted a net income of P1.1 billion in January to September 2020, the same level as the previous year. Revenue declined by 16 percent to P8.2 billion.

Third quarter 2020 earnings jumped 73 percent to P571.5 million.

Quarter on quarter, revenue surged by 116 percent to P3 billion.