DoubleDragon eyes funding from offshore debt markets

MANILA, Philippines — DoubleDragon Properties Corp., the listed property company chaired by Edgar “Injap” Sia, may issue dollar denominated long term senior bonds, depending on investor appetite.

“DoubleDragon Properties has mandated Credit Suisse as sole global coordinator and Credit Suisse and PNB Capital as joint lead managers and joint bookrunners to arrange a series of fixed income investor calls,” DoubleDragon said.

A US dollar denominated guaranteed long term notes may follow, it said.

If the issuance pushes through, DoubleDragon will utilize the net proceeds from the bond offer to finance  capital expenditures, maturing and existing obligations and for general corporate purposes.

DoubleDragon is embracing the “new normal” with adjustments to its business plans for 2020.

It targets to complete a leasable portfolio of 1.2 million square meters by 2022, pushed back from the original 2020 goal. This will comprise 700,000 sqm from 100 CityMalls or its provincial retail malls, 300,000 sqm from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 sqm from the 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines, and another 100,000 sqm of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.

DoubleDragon reported a net income of P10.65 billion last year, up 43.53 percent from the previous year.

At present, DoubleDragon has 803,738 sqm of completed leasable space, which comprise 80.3 percent of the 2020 target set during its initial public offering.