Listed mass housing developer 8990 Holdings Inc announced today that it ha raised Php1.3 billion through the issuance of Enrolled Corporate Notes.
These Notes are Philippine Peso-denominated and exempt from SEC registration.
The Notes will be enrolled with Philippine Dealing & Exchange Corp (PDEX) and traded through the PDEX Trading System starting on October 14, 2020.
The Notes shall have a fixed interest rate of 4.0500% per annum, and maturity date of two (2) years from Issue Date or October 14, 2022.
The proceeds from this transaction will be primarily used to partially finance the payment of existing indebtedness of the company.
According to 8990 Treasurer and Director, Richard Haosen “Despite the current environment, the company continues to deploy cash to operations and grow its business in key regions across the Philippines”.
8990 is one of the country’s leading mass housing developer, uniquely positioned to access the Philippine’s most under-served housing segment.
The company’s business model is supported by faster construction, an innovative in-house financing scheme, and a robust credit management system. Its vast portfolio of projects include horizontal subdivisions, medium rise buildings, and high rise buildings under the brands Deca Homes, Urban Deca Homes and Urban Deca Tower brands.
In the past 17 years, it has produced more than 71 thousand homes across 10 branches nationwide. – BusinessNewsAsia.com