Century Properties Group Inc. (CPGI), the listed developer backed by the Antonio family, is set to boost funding for its residential projects after the Securities and Exchange Commission (SEC) approved its P12-billion debt securities program.

Citing a 15 January meeting, the regulator said Wednesday that the Commission En Banc "rendered effective" the registration statement covering the shelf registration of up to P12 billion in fixed-rate bonds, subject to compliance with remaining requirements.

The listed developer will offer up to P3 billion in fixed-rate bonds for the initial tranche, with an oversubscription option of up to P2 billion. 

The bonds include four-year Series D bonds due in 2030 and seven-year Series E bonds due in 2033, offered at face value.

Proceeds will be used to fund the capital for our residential development projects. Assuming the oversubscription is fully exercised, the initial offering could raise around P4.9 billion.

The offer period runs from 26 to 30 January, with issuance and listing on the Philippine Dealing & Exchange Corp. scheduled for 6 February. 

China Bank Capital Corp. serves as the sole issue manager, joint lead underwriter, and bookrunner alongside PNB Capital and Investment Corp.