DoubleDragon to do tap offering

MANILA, Philippines — DoubleDragon Corp. (DoubleDragon), the listed holding company chaired by tycoon Edgar “Injap” Sia II, plans to conduct a top up tranche two offering of its Singapore-listed dollar bonds.

In a disclosure yesterday, DoubleDragon said its wholly-owned offshore subsidiary, DDPC Worldwide Pte. Ltd. (DDPC Worldwide) has mandated UBS AG Singapore Branch to arrange a series of fixed income investor calls for a possible tap offering.

The calls are related to DDPC Worldwide’s outstanding $75 million, 7.25 percent senior guaranteed notes due 2025, which are listed on the Singapore Exchange Securities Trading Ltd. in Singapore.

Subject to market conditions, an offering may follow after the investor calls, which will commence today, Feb. 22.

Any bonds issued pursuant to the tap offering will be consolidated with and increase the outstanding principal amount of DDPC Worldwide’s existing listed maiden dollar bonds listed on the SGX-ST.

Proceeds from the offering will be used for the refinancing of certain obligations, to pay down short-term credit facilities, fund DoubleDragon’s Hotel 101 expansion and for general corporate purposes.

DoubleDragon is diversifying its funding sources as it prepares itself to grow its business operations inside and outside the Philippines over the long-term.

Philippine companies have successfully offered and listed fixed term senior bonds and perpetual securities on the SGX-ST in recent years. DoubleDragon recognizes the value that diverse funding sources and a broad investor base provide for its growth and expansion.

DoubleDragon has completed a portfolio of over one million square meters of leasable GFA in the diversified sectors of provincial retail leasing, office leasing, hotels, and industrial warehouse leasing.

Its net income for the first nine months of 2021 reached P8.31 billion, higher than the P5 billion recorded the previous year.