Manila: The Securities and Exchange Commission (SEC) has given the green light to Century Properties Group Inc.'s debt securities program, allowing the publicly-listed company to issue an initial offering of up to PHP5 billion.

According to Philippines News Agency, the SEC announced in a news release on Wednesday that its commission en banc approved Century Properties' application for the shelf registration of up to PHP12 billion in fixed-rate bonds on January 15. The initial offering, comprising up to PHP3 billion with a PHP2 billion oversubscription option, is slated to take place from January 26 to 30, with the listing on the Philippine Dealing and Exchange Corp. set for February 6.

China Bank Capital Corporation has been appointed as the sole issue manager and joint lead underwriter and bookrunner, alongside PNB Capital and Investment Corporation. The issued bonds will include "four-year series D bonds due in 2030, and seven-year series E bonds due in 2033, which will be offered at face value," as stated by the SEC.

"Assuming the oversubscription is fully exercised, Century Properties Group expects to net around PHP4.9 billion in the initial offer," the SEC noted. The proceeds from this offering will be directed towards funding capital for Century Properties Group's residential development projects.

Source: Philippines News Agency