Listed low-cost housing developer 8990 Holdings Inc. said Thursday it has raised P1.3 billion from the issuance of enrolled corporate notes.

In a disclosure to the Philippine Stock Exchange, 8990 said the issued notes are Philippine peso-denominated and exempt from Securities and Exchange Commission (SEC) registration.

The notes will be enrolled with Philippine Dealing & Exchange Corp (PDEX) and traded through the PDEX Trading System beginning October 14, 2020.

The company’s notes shall have a fixed interest rate of 4.0500% per annum, and maturity date of two years from issue date or October 14.

The proceeds from this transaction will be primarily used to partially finance the payment of existing indebtedness of the company, 8990 said.

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

Mass housing developer 8990 caters 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 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.

The company said it has produced more than 71,000 homes in the past 17 years.—AOL, GMA News