Publicly-listed Century Properties Group, Inc. has closed a dual-currency secured term loan facility of up to P4.2 billion to fund the company's seven buildings located in its three project developments.
In a disclosure to the Philippine Stock Exchange, Jose Carlo R. Antonio, Century Properties chief financial officer, said that the proceeds will be used to meet the construction costs, land cost, general expenditure, and financing costs of the company's seven buildings.
The 5-year facility was led by mandated lead arranger and book runner, Standard Chartered Bank, while Primeiro Partners was the financial advisor to Century Properties.
Antonio said the secured term loan facility has accomplished few milestones for Century Properties as it has lowered company's financing costs and secured the working capital needs of seven pre-sold projects that are targeted to be turned over between 2015 and 2017.
"In addition, it provides Century Properties financial flexibility by allowing profits from completed and soon to be completed projects, as well as funds raised from CPG's recent equity placement, to embark on growth opportunities to enhance shareholder value," Antonio said.
Last March, Century Properties raised fresh $40 million from an overnight equity deal as proceeds from which will be used to fund expansion and landbanking activities. The company sold 800 million shares at a price of P2.05 per share through a top-up offering.
In the first-quarter of the year, Century Properties earlier said that its net income increased to P501 million from P454 million in the same period last year after revenues inched up 5 percent to P2.6 billion from last year's P2.5 billion.
Pre-sales also climbed by a tenth to P5.8 billion from P5.3 billion last year buoyed by sales of Trump Tower at Century City, Acqua Iguazu yoo inspired by Starck, Azure Urban Resort Residences and the Residences at Commonwealth projects.