DoubleDragon keen on another bond issuance

MANILA, Philippines — The listed property developer chaired by Edgar “Injap” Sia II is looking to raise additional funds from the domestic bond market soon following its fully subscribed P10-billion retail bond offering.

DoubleDragon Corp. said it has cut short the offer period of its fixed-rate retail bonds due to the very high volume demand of orders that came in.

The up to P10-billion bond issue has been more than fully subscribed five days before the end of the offer period on July 10.

“Pursuant to the terms and conditions of the retail bond, the Issuer and the joint lead underwriters, joint issue managers and bookrunners have agreed to shorten the offer period, which has ended on July 5, 2024, instead of July 10, 2024,” DoubleDragon said.

“We seek the understanding of the investing public for cutting short the DoubleDragon retail bond offer period due to oversubscription way ahead,” it said.

DoubleDragon’s 3.5-year retail bonds carry a coupon rate of 8.008 percent per annum.

The Philippine Rating Services Corp. has assigned an Issue Credit Rating of PRS Aaa, its highest rating tier.

Listing of the bonds on the Philippine Dealing & Exchange Corp. is scheduled on July 16.

Given the strong demand of the issuance, DoubleDragon said that another tranche of a retail bond offering would be facilitated “very soon.”

“DoubleDragon has not issued any peso retail bond for over five years and DoubleDragon is extremely grateful to the unwavering support of the investing public on its return to the retail bond market,” the company said.

“As DoubleDragon continues to expand in the Philippines and in various countries overseas, the solid support of the investing public demonstrated in this retail bond offering means a lot as we achieve dreams together,” it said.

DoubleDragon’s total equity is set to exceed P100 billion for the first time this year, making it one of the few companies in the Philippines with total equity at 12 digit level.