DOUBLEDRAGON Corp. (DD) cut the offer period for a P10-billion retail bond offering on Monday, two days ahead of schedule, citing strong demand.
It was “more than fully subscribed as of November 18,” the firm told the stock exchange.
“We seek the understanding of the investing public for cutting short the DD retail bond offer period due to oversubscription way ahead,” it added.
DoubleDragon Chairman Edgar Sia said: “We are very glad on the early oversubscription outcome of this DD Otso-Buenas [Lucky 8] Peso Retail Bond offering, enabling DoubleDragon to capture an even wider stakeholder base…”
The offering constitutes the first tranche of a P30-billion multiyear shelf registration. It comprised a base amount of P5 billion and an oversubscription option of up to P5 billion, with an interest rate of 8.0 percent per annum.
Due in 2023, the retail bonds are scheduled to be listed on the Philippine Dealing and Exchange Corp. on Nov. 27.
“We are deeply grateful for the trust and confidence of the investing public as manifested in this retail bond offering,” Sia said.
DoubleDragon’s bond offering was rated PRS Aaa, with a stable outlook, by Philippine Rating Services Corp. last Oct. 23, indicating that it is of the highest quality with minimal risk.
Land Bank of the Philippines (LandBank), RCBC Capital Corp. and Unicapital Inc. served as the joint issue managers, joint lead underwriters and bookrunners while RCBC Capital Corp., LandBank, Unicapital and EastWest Bank were selling agents.
DoubleDragon has said it plans to conduct more retail bond offerings in 2025 and 2026, which are likely to have a tenors of five to seven years and interest rates of 7 percent and 6 percent per annum, respectively.
DoubleDragon has been beefing up its hard-asset recurring revenue portfolio to the current 1.3 million square meters of gross floor area through a series of capital-raising exercises.
The company is led by two Filipino entrepreneurs — Mang Inasal founder Sia and Jollibee founder Tony Tan Caktiong — and claims that it is set to exceed P100 billion in total equity this year.
DoubleDragon shares on Tuesday climbed 1.35 percent to P9.77 each, outpacing a 0.62-percent rise for the benchmark Philippine Stock Exchange index.
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