Property

8990 raises P1.3B from notes offer

Affordable housing developer 8990 Holdings Inc. raised P1.3 billion through the issuance of two-year fixed rate notes.

The notes, which are Philippine peso-denominated, have a fixed interest rate of 4.0500% per annum.

Proceeds from the offering will be used to pay down debt.

“Despite the current environment, the company continues to deploy cash to operations and grow its business in key regions across the Philippines,” said Richard Haosen, treasurer and director of 8990.

Positioned to access the Philippine’s most under-served housing segment, 8990 is a developer of 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, 8990 has produced more than 71,000 homes across 10 branches nationwide.

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