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8990 Holdings raises P9b from bond sale

By Jenniffer B. Austria | Jul. 14, 2015 at 11:01pm 
House and lot developer 8990 Holdings Inc. said Tuesday it raised P9 billion from a recent bond sale amid strong demand from investors.
8990 said in a disclosure to the stock exchange it raised P8.4 billion from the issuance of five-year bonds and P375.5 million and 218.9 million from the sale of seven- and 10-year bonds, respectively. 
The company earlier priced the bonds at 6.21 percent per annum for the five-year bonds maturing in 2020, 6.13 percent for bonds maturing in 2022 and 6.87 percent for the bonds maturing in 2025. 
BDO Capital & Investments Corp. president Eduardo Francisco said in a text message total demand for the bonds fetched a little over P10 billion. 
The bonds will be listed with the Philippine Dealing & Exchange Corp. on Thursday. 
The bond proceeds will be used to refinance and restructure the company’s debt into a long-term fixed-rate debt. 
The bonds were rated AA+ by CRISP ratings agency, which reflects the company’s very strong capacity to repay debt obligations with adequate resources that can serve as a buffer to changes in economic conditions, industry shifts’ and business circumstances. 
8990 Holdings has been rapidly expanding in various parts of the country. 
The mass housing developer said it planned to launch three huge housing developments in Zamboanga, Bacolod and Bulacan in the second half of the year. 
The company completed 24 mass sousing projects  and sold more than 28,000 units as of March 31, 2015/ 
It has a pipeline of nine projects with an existing and available landbank.  These projects are scheduled to commence between 2015 and 2019 and are expected to provide 64,000 units available for sale. 

For this year, the property firm expects net income to grow by as much as 21 percent to P4 billion and revenues to increase by 27 percent to P10 billion.

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