By Jenniffer B. Austria | Mar. 17,
2015 at 10:50pm [ manilstandardtoday.com ]
Mass housing developer 8990 Holdings
Inc. is pushing through with its plan to issue up to P9 billion in corporate
bonds in the second quarter of 2015, underwriters handling the deal said
Tuesday.
BDO Capital president Eduardo
Francisco said the company would shortly file a registration statement with the
Securities and Exchange Commission.
“8890’s bond offering is moving as
planned and there is already a lot of interest. We will file with the SEC and
hope to start the offer starting end of April,” Francisco said.
“BDO is fully behind this deal and
will make the bond available to our clients through our extensive distribution
network,” he added.
SB Capital president Ricky Galang said
there was no reason for the company to change the status or the timing of the
bond sale.
“It has come to our attention that
there are rumors circulating regarding the postponement of the P5-billion bond
issue of 8990 Holdings. As joint issue manager and joint lead underwriter of
the issue, we would like to state that the bond issue is on track for a May
issue date and we see no reason for any changes in the status or timing of the
bonds,” Galang said.
8990 Holdings in February said the
board approved the issuance of P5 billion in corporate notes, with an
oversubscription of up to P4 billion
The company p[lans to use proceeds
from the fund raising activity to finance roll out of additional low -cost housing
projects, land acquisitions and construction of existing project.
The property
firm earlier said it would launch 11,083 units this year, with prices ranging
from P450,000 to P1.25 million.
Out of the
housing units to be launched this year, 6,598 are from the company’s 10 ongoing
projects with a total sales value of P4.1 billion, while 4,486 units are from
the new nine housing developments with sales value of P4.1 billion.
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