SEC approves 8990 Holdings bond sale

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LISTED mass housing developer 8990 Holdings Inc. has secured the nod from the Securities and Exchange Commission (SEC) to issue P9-billion worth of bonds.

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In an en banc session on Monday, the regulator approved bond issue of which P8.875 billion in net proceeds after expenses and taxes will be used to partly refinance the company’s P9 billion of existing debt.

The bond float consists of a P5-billion base offer and P4 billion to cover an oversubscription.

It will be issued in three series: Series A due 2020, Series B due 2022, and Series C due 2025. The bonds will be listed on the Philippine Dealing and Exchange Corp.

The joint issue managers are BDO Capital & Investment Corp., First Metro Investment Corp. and SB Capital Investment Corp., with China Banking Corp. as underwriter and bookrunner for the transaction.

The firm earlier said sales this year are anchored on the gross domestic product (GDP) growth, as well an increase in remittances from overseas Filipinos, the growing business processing outsourcing (BPO) and IT sectors, and the 4 million housing backlog.

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