Philippines’ DoubleDragon sets coupon for 10-year bonds at 5.9721%

By Marisa Wong

Morgantown, W.Va., Nov. 29 – DoubleDragon Properties Corp. announced it set the coupon rate for its upcoming 10-year fixed-rate bonds at 5.9721%.

The offering will have a PHP 5 billion base size and a PHP 5 billion oversubscription option.

The offer period will run through Dec. 7, with the issue date slated for Dec. 15.

As previously announced, the Philippine Securities and Exchange Commission approved on Nov. 24 the issuance of up to PHP 15 billion of 10-year fixed-rate bonds in one or more tranches. The company’s board of directors had approved the proposed bonds in September.

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 PRS Aa rating to the bonds.

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

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