Philippines’ DoubleDragon sets coupon for seven-year bonds at 6.0952%

By Marisa Wong

Morgantown, W.Va., July 6 – DoubleDragon Properties Corp. set the coupon rate for its upcoming seven-year bonds at 6.0952%, according to a company announcement.

The company is planning to offer 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 previous news release.

The offer period will run from July 7 to July 13, and the bonds will be issued on July 21, according to the latest announcement.

Due to strong demand for the retail bonds, the coupon was set at the bottom-end of the pricing range, the company said.

The company had 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.

BDO Capital & Investment Corp., RCBC Capital Corp., Maybank ATR Kim Eng capital Partners, Inc. and BPI Capital Corp. are the joint lead underwriters for the second tranche.

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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