DoubleDragon raises P9.7 B from bond issue

DoubleDragon Properties Corp. has raised P9.7 billion from the sale of the second tranche of its pesodenominated fixed rate retail bonds.

DoubleDragon listed yesterday with the Philippine Dealing and Exchange Corp. (PDEx) the bonds, which have a tenor of seven years.

The firm said there was strong demand for the issue, prompting it to tap its oversubscription option.

“Despite being a fresh name in the local debt market, the investor community has met DoubleDragon’s offering with demand strong enough to allow the exercise of its oversubscription allotment of P3.2 billion,” PDEx chairman and CEO Cesar Crisol said.

With the full issuance of the P15 billion shelfregistration offering of DoubleDragon, company chief investment officer Hannah Yulo said the firm has now fully funded all of its capital expenditure requirements for its 2020 vision of completing one million square meters of prime commercial leasable space across the Philippines.

The retail bonds were issued at a fixed coupon rate of 6.0952 percent to be paid quarterly in arrears for seven years.

The issue was priced at the bottom end of the pricing range due to robust demand from institutional and retail investors alike.

Similar to the first tranche issued in December last year, the recent bonds were issued a high PRS Aa credit rating by the Philippine Rating Services Corp.

“We are thankful for the strong and loyal support of all our investors and stakeholders that has once again been demonstrated by the robust demand for this round of DoubleDragon’s retail bonds. The last three years have been incredibly exciting for the DoubleDragon team, growing from a small start-up company barely a few years back, to the company that it is today. We will continue to strive hard to become one of the most durable and relevant property players in the country.” DoubleDragon chairman Edgar “Injap” Sia said.