MANILA, Philippines - DoubleDragon Properties Corp., the property joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp., has raised P7.4 billion through the issuance of corporate notes.
The fresh funds from the notes issue will be used to finance capital expenditures, the company said.
It said the proceeds are primarily intended to fund the development of CityMall community malls, DoubleDragon Plaza at The Meridian Park, DragonS Shopping Center-Divisoria, The Skysuites Tower and other corporate purposes.
The notes issuance, which consists of seven-year fixed rate corporate notes, has been facilitated by BDO Capital & Investment Corp.
Due to strong institutional demand, DoubleDragon said it decided to increase the note issuance to P7.4 billion from the previously planned P6.5 billion.
“The corporation has executed bilateral term loan agreements with the banking institutions in relation to its intended availment of unsecured loan facilities covering the aggregate amount of P7.4 billion,” the listed property firm said.
DoubleDragon chairman Edgar “Injap” Sia II said the company is pleased with the support it received for the company’s fund-raising activity.
“We are glad that the great long-term potential of DoubleDragon Properties Corp. has been recognized,” Sia said.
With the strong demand of the corporate note issuance and positive market reception since its initial public offering (IPO) earlier this year, DoubleDragon said its goal of becoming one of the largest and strongest property companies in the Philippines is slowly taking shape. “The DoubleDragon team has been very inspired by the evident support of both the financial institutions and the investing public since its recent debut in the stock market. This gave the whole management team more inspiration as it continues its efforts towards a sustained high growth momentum,” the firm said.
DoubleDragon recently secured its 13th site for its planned 25 community malls through subsidiary CityMall Commercial Centers Inc. (CMCCI) by end next year.
Among the locations for the community malls already identified include Boracay, Aklan, Cotabato City, Quezon and Pampanga.
CMCCI is 66 percent owned by DoubleDragon while the remaining 34 percent is held by mall and banking conglomerate SM Investments Corp.