Posted on January 30, 2015 09:58:00 PM
[ BusinessWorld Online ]
By Daphne J. Magturo, Reporter
CENTURY PROPERTIES Group, Inc. (CPG)
is raising up to $150 million (P6.6 billion) from a debt offering in February
to fund spending for “general corporate purposes,” the luxury condominium
developer said on Friday.
In a disclosure to the Philippine
Stock Exchange, CPG said its board of directors approved the transaction in a
special meeting on Friday.
“The Board has been informed that the
Notes may only be offered to not more than nineteen (19) non-qualified buyers
and to any number of qualified buyers as defined in the Philippine’s Securities
Regulations Code,” the disclosure read.
The notes will be listed on the
Singapore Stock Exchange (SGX) and will not be registered with the local
Securities and Exchange Commission, the company said in the regulatory filing.
“The USD Bonds will be the direct,
unconditional, unsubordinated and unsecured obligations of CPG. The Guarantees
will be the direct, unconditional, unsubordinated and unsecured obligation of
CPG’s operating subsidiaries,” the company said in an e-mailed statement.
The high-end developer said it has
hired HSBC Holdings plc, Standard Chartered Bank, and UBS AG as underwriters
for the dollar bond sale.
“There can be no assurance in respect
of: (i) whether the Company would issue such debt securities at all; (ii) the
size or timing of any individual issuance or the total issuance of such debt
securities; or (iii) the specific terms and conditions of any such issuance,”
CPG said.
CPG is the builder of Essensa East
Forbes in Fort Bonifacio in Taguig, Pacific Place in Ortigas and the Gramercy
Residences in Century City in Makati.
Shares of the company shed one centavo
or 1.01% to close at P0.98 apiece on Friday.
______________________________________________________________
