Philippines’ DoubleDragon to offer up to PHP 9.7 billion more bonds

By Marisa Wong

Morgantown, W.Va., May 25 – DoubleDragon Properties Corp. is planning to offer a second tranche of fixed-rate retail bonds with a base issue size of PHP 6.5 billion and an oversubscription option of PHP 3.2 billion, according to a news release.

The company previously obtained approval from the Philippine Securities and Exchange Commission to issue PHP 15 billion of fixed-rate retail bonds. The first tranche, totaling PHP 5.3 billion, was issued in December.

“This offering will be a good chance for retail bond investors to participate in a fresh name like DoubleDragon since we do not expect to be tapping the bond market again anytime soon beyond what is remaining on our shelf registration from last December,” chief investment officer Hannah Yulo commented in the release.

“Once completely taken up, the proceeds are expected to fully cover our development plans through 2020 for both our office and retail portfolios.”

Specifically, proceeds will be used mainly to finance capital expenditures of DoubleDragon’s core recurring revenue focused projects, which are CityMalls, DD Meridian Park and Jollibee Tower. The remaining funds will be used for capex requirements for the completion of a 1 million square meter leasable space that DoubleDragon expects to add to its portfolio by 2020.

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

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