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8990 bond sale on track

By Jenniffer B. Austria | Mar. 17, 2015 at 10:50pm [ ]

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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