Century Properties eyes $150M from dollar notes

MANILA, Philippines - Property developer Century Properties Group Inc. plans to raise $150 million in fresh funds through the sale of dollar-denominated notes.

In a disclosure to the local bourse, Century Properties said its board of directors approved the public offering and sale of dollar-denominated bonds worth $150 million.

The firm owned by former ambassador Jose E.B. Antonio said it intends to list the notes on the Singapore Stock Exchange.

“The board has been informed that the notes may only be offered to not more than 19 non-qualified buyers and to any number of qualified buyers as defined in the Philippine’s Securities Regulations Code. Accordingly, the offer and sale of the notes will not be registered with the Securities and Exchange Commission in the Philippines,” Century Properties said.

The listed company, however, said the size, timing, specific terms and conditions of the issuance have yet to be finalized.

“Any decision by the company to offer such debt securities will depend on a number of factors at the relevant time, many of which are not within the company’s control, including but not limited to prevailing interest rates, the financing requirements of the company, market liquidity, and the state of the Philippine, regional and global capital markets and economies,” Century Properties said.

The company will be engaging the services of advisors, underwriters, issue manager and other agents to implement the offer for sale of the bonds.