Listed property developer DoubleDragon Corp. said Monday it is cutting short the offer period for its retail bond due to overwhelming demand from investments.
Instead of ending the bond offer on 10 July, DoubleDragon said the offer of 3.5-year bond that carry a coupon of 8.008 percent will close on 5 July. The listed firm is looking to raise P10 billion from the bond sale.
RCBC Capital Corp., Unicapital Inc., and the Development Bank of the Philippines are the joint lead underwriters, joint issue managers, and bookrunners of the retail bond.
The decision to close the offer period early was made in accordance with the terms and conditions of the retail bond, reflecting the robust interest and high volume of orders received within a short span since the commencement of the offer.
The latest bond offer marks DoubleDragon’s return to the retail bond market after more than five years, highlighting the confidence and trust of investors in the company’s growth prospects both locally and internationally.
Proceeds of the bond offer will help bankroll the company’s expansion in the Philippines and overseas, supported by the steadfast backing of the investing community. DoubleDragon plans to build a chain of hotels overseas under its Hotel 101 brand.
The success of the retail bond offering underscores DoubleDragon’s strategic vision and its dedication to achieving ambitious goals in collaboration with its stakeholders and investors.
Details of the oversubscription and investor profile weren’t immediately disclosed by DoubleDragon.
