Philippines’ DoubleDragon gets OK for PHP 15 billion 10-year bonds

By Marisa Wong

Morgantown, W.Va., Sept. 22 – DoubleDragon Properties Corp. said its board of directors has approved an offering of up to PHP 15 billion of 10-year fixed-rate retail bonds in one or several tranches.

The company intends to offer an initial tranche of up to PHP 5 billion with an up to PHP 5 billion over-subscription option.

The registration of the retail bonds is valid for three years.

Proceeds will be used to finance capital expenditures of DoubleDragon’s core recurring revenue focused projects, which are CityMalls, DD Meridian Park and Jollibee Tower.

Philippine Rating Services Corp. has assigned a rating of Aa to the bonds.

The real estate developer is based in Makati City, Philippines.

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