8990 raises P1.3B thru notes

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    8990 Holdings Inc. has raised P1.3 billion through the issuance of corporate notes.

    The company said the peso-denominated debt were exempt from the Securities and Exchange Commission (SEC) registration and was listed with the Philippine Dealing & Exchange Corp. (PDEX).

    The notes carry a coupon of 4.05 percent per annum, and a tenor of two years.

    The notes issuance was first announced in August this year.

    8990’s fund raising follows an SEC approval of the company’s P2.13 billion securitization plan.

    8990 and its subsidiaries, 8990 Housing Development Corp., 8990 Luzon Housing Development Corp., 8990 Davao Housing Development Corp., and Fog Horn, Inc., intend to sell 2,511 receivables to CBC Assets One (SPC) Inc.

    Under the plan Assets One will issue certificates of the same value in exchange for the receivables, which are in the form of contract to sell (CTS), that have an original term of up to 25.