The Securities and Exchange Commission (SEC) has approved the debt securities program of publicly listed Century Properties Group Inc., allowing the company to issue up to P5 billion in its initial bond offering.

In a statement released Wednesday, the SEC said its commission en banc approved Century Properties’ application on Jan. 15 for the shelf registration of up to P12 billion in fixed-rate bonds.

The initial offering consists of up to P3 billion, with an additional P2 billion oversubscription option. The offer period is set for January 26 to 30, with listing at the Philippine Dealing & Exchange Corp. scheduled for Feb. 6.

China Bank Capital Corporation was appointed sole issue manager and joint lead underwriter and bookrunner, alongside PNB Capital and Investment Corporation.

According to the SEC, the bonds 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."

"Assuming the oversubscription is fully exercised, Century Properties Group expects to net around P4.9 billion in the initial offer," the SEC said.

"Proceeds will be used to fund the capital for its residential development projects," it added.

CENTURY PROPERTIES PHOTO