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SEC OKs 8990’s P9-B bond issue

MANILA, Philippines - Mass housing developer 8990 Holdings Inc. has received the green light from the country’s corporate regulator to proceed with its planned P9-billion bond issuance for debt refinancing.

In an en banc decision, the Securities and Exchange Commission (SEC) approved 8990’s P5-billion retail bond offering with an oversubscription option of up to P4 billion.

The bonds will be due in 2020, 2022 and 2025.

“The net proceeds will be used to refinance existing debt obligations of the issuer and its subsidiaries,” 8990 said in its application.

The proposed bonds, which was earlier targeted for a May issuance, would be listed on the Philippine Dealing and Exchange Corp. (PDEX).

BDO Capital, SB Capital, First Metro Investment Corp., and China Banking Corp. have been mandated as joint issue managers of the offering.

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8990 Holdings is looking to grow its net income between 15 percent to 21 percent to about P3.8 billion to P4 billion this year after surpassing its 2014 profit guidance last year as net income grew 52 percent year-on-year to P3.3 billion.


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