DoubleDragon bond issue upsized to P5.3 B
DoubleDragon Properties Corp issued a total of P5.3 billion, higher than the initial offer size of P5 billion on the back of strong demand from retail investors, banks, pension funds, insurance companies and retirement funds. File photo
MANILA, Philippines - Investors gobbled up the 2026 fixed-rate retail bonds of DoubleDragon Properties Corp., the property and mall developer of Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods Corp.
DoubleDragon issued a total of P5.3 billion, higher than the initial offer size of P5 billion on the back of strong demand from retail investors, banks, pension funds, insurance companies and retirement funds.
“The substantial build up of demand triggered DoubleDragon, through its joint lead underwriters, to exercise an additional P300 million from the oversubscription option to accommodate the orders, which exceeded the initial base offer size of P5 billion,” DoubleDragon said.
The debt paper has an interest rate of 5.9721 percent per annum.
Listing of the bonds has been set on Dec. 15.
The P5.3 billion retail bonds mark the first tranche to be issued from DoubleDragon’s P15 billion bond shelf registration with the Securities and Exchange Commission (SEC).
The entire amount of P15 billion is targeted to complete the fund requirements of all of the company’s core projects in the pipeline in relation to its goal of one million square meters of leasable space and profit target of P4.8 billion by 2020.
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