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Century Properties board clears P6-B debt program

Century Properties Group, Inc. has approved a P6-billion debt securities program, of which half of the amount will make up the first tranche including an oversubscription option.

The property developer and manager told the stock exchange on Friday that the initial tranche of its debt program would be a a five-year fixed rate of retail bonds with a principal amount of P2 billion and an oversubscription option of up to P1 billion.

Century Properties also announced the passage of other resolutions, including its application for the registration and licensing of bonds with the Securities and Exchange Commission (SEC), and the listing of the bonds with the Philippine Dealing & Exchange Corp.

It also announced a ratification on disclosures in the registration statement and prospectus, to be filed by the corporation with the SEC, in connection with the registration of the unsecured bonds to be offered to the public.

The corporate resolutions were passed during the company’s special board meeting on Friday. Its shares closed unchanged on that day at 40 centavos each. — Luisa Maria Jacinta C. Jocson

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