May 28, 2024

Krimsonandklover

World Business Inquiries

DoubleDragon raising $75M from offshore bond debut

1 min read

DD Meridian Park, DoubleDragon’s most valuable property

Property developer DoubleDragon Properties Corp. is debuting on the offshore bond market with a goal of raising $75 million from an offering of five-year debt paper.

The senior guaranteed bonds due 2025 are priced to yield 7.25 percent per annum, DoubleDragon disclosed to the Philippine Stock Exchange on Wednesday.

The bonds are unrated and will be listed on the Singapore Exchange Securities Trading Ltd.

DoubleDragon will tap the overseas bond market through wholly-owned subsidiary, DDPC Worldwide Pte. Ltd., which executed a subscription agreement with Credit Suisse (Singapore) Ltd. as sole global coordinator, joint lead manager and joint bookrunner and PNB Capital and Investment Corp. as joint lead manager and joint bookrunner. The bonds are guaranteed by the parent company.

“The proceeds of the bonds will be used for capital expenditures in investment properties, refinancing of short-term indebtedness and for general corporate purposes,” the disclosure said.

The bond deal is seen to significantly increase the company’s cash position alongside its planned P16.97 billion real estate investment trust (REIT) offering.


Read Next


EDITORS’ PICK


MOST READ

Don’t miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

For feedback, complaints, or inquiries, contact us.

Source Article

krimsonandklover.com | Newsphere by AF themes.