(Source: The Standard | July 18, 2017)
DoubleDragon Properties Corp. raised P9.7 billion from the sale of seven-year fixed-rate retail bonds on strong demand from retail and institutional investors, according to one of the underwriters handling the transaction.
BDO Capital and Investments Corp. president Eduardo Francisco said in a mobile message, the bond offering was nearly two-times oversubscribed at the end of the offer period Friday.
The bonds, with a coupon rate of 6.0952 percent annum, will be listed with the Philippine Dealing & Exchange Corp.
The P9.7-billion bond issuance marked the second and the last tranche offered by DoubleDragon from its P15-billion bond shelf registration approved by the SEC last year.
Proceeds from the fund raising will be used to roll out community malls under the CityMalls brand.
DoubleDragon president Edgar Sia II said this was the company’s last fund raising activity under its 2020 program.
Under its 2020 program, DoubleDragon aims to have 100 community malls and one million square meters of leasable space across community malls, office and hotel developments. These projects are expected to provide the company with strong recurring revenues.
The company targets to have 30 CityMalls in operations by end-2017.