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8990 to sell P5-b bonds

By Jenniffer B. Austria | Dec. 28, 2014 at 10:50pm [ ]

Mass housing developer 8990 Holdings Inc. plans to issue up to P5 billion worth of corporate bonds by the first half of 2015, as it prepares to roll out more residential units in 2015.

8990 Holdings president and chief executive Januario Jesus Atencio said the company would use proceeds from the fund-raising activity to fund capital spending next year.

This will be the company’s first fund-raising activity, after it generating P9 billion through a follow-on-offering in May.

Atencio said the company remained keen on raising fund through securitization.

8990 Holdings announced last year a plan to raise P1 billion from the sale of receivables arising from eligible contracts to sell.

It will be the first private sector-led securitization in the Philippine housing sector, following the success of the “Bahay Bonds” that were sold by government-owned National Home Mortgage Finance Corp.

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