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Primeiro Partners Advises Century Properties on Maiden Bond Issuance

Primeiro Finance News
Listed property developer Century Properties Group, Inc. (CPG:PM) (“Century Properties”) today announced the completion of its maiden retail bond offering.

The Company raised P2.7 billion in fresh funds that will be used to partly finance capital expenditures for select residential and commercial projects with completion dates ranging from 2017 to 2019, which in aggregate will total over 3,400 residential units and over 300,000 square meters of gross floor area.

The Company initially targeted to raise P2.0 billion, and due to strong demand, exercised its oversubscription allowance to raise a total of P2.7 billion. The unsecured fixed rate peso bonds were offered in 3-year, 5-year, and 7-year tranches with interest rates of 6.0000% p.a., 6.6878% p.a., and 6.9758% p.a., respectively.

“We are grateful for the success of our maiden bond issuance and the confidence accorded to us by the investing public. This is a testament to the Company’s sound financial management and profitable business model,” said Mr. Jose E.B. Antonio, Chairman of Century Properties. “Not only will the bond enable us to diversify our funding sources, it also helps us get a step closer towards our goal of building a bigger and more diversified Company,” continued Mr. Antonio.

Century Properties’ co-branding partnerships with Armani Casa and Studio Daniel Libeskind for the recently-launched luxury development Century Spire, Trump for Trump Tower, Paris Hilton for Azure, Versace Home for Milano and yoo inspired by Starck for Acqua, Forbes Media LLC to name a few, are bringing world class development standards to the Philippine skyline. From its initial public listing in 2012, Century Properties projects to complete a total of 31 residential buildings by 2019. Its portfolio of launched projects is currently over 90% pre-sold.

Century Properties’ commercial portfolio will total over 160,000 square meters within the next five years. It includes Century City Mall, a five-level, 50,000 square meters lifestyle center. It is the first mall to open in Makati City in the last decade. By the end of this year, the Company will turnover Centuria Medical Makati, a 28-storey outpatient medical building also in Century City, which has both for sale and for lease medical IT units. In addition, the Company expects to complete three Class A commercial buildings in prime locations with close to 90,000 square meters, thereby enabling Century Properties to be a significant participant in the growth of the office space sector in the Philippines by 2018.

BDO Capital & Investment Corporation was the issue manager for the transaction, while BDO Capital & Investment Corporation and The Hongkong and Shanghai Banking Corporation Limited served as joint lead underwriters and bookrunners. Primeiro Partners was the financial adviser to the Company.

Date: 4 Sep 2014

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