Listed property developer and hospitality firm DoubleDragon Corp. said Tuesday it cut short by two days the offer period for its retail bond due to overwhelming demand.
In consultation with its joint lead underwriters RCBC Capital Corp., Land Bank of the Philippines, and Unicapital Inc., DoubleDragon said it closed on Monday the retail bond offer, two days ahead of the 20 November schedule.
The oversubscription reflects strong investor confidence in DoubleDragon’s continued expansion both in the Philippines and internationally. The company expressed its gratitude for the public’s trust and support in this retail bond offering, which will play a significant role in financing its growth initiatives.
DoubleDragon Chairman Edgar “Injap” Sia expressed his satisfaction with the early oversubscription. “We are very glad with the outcome of this DD Otso-Buenas Peso Retail Bond offering, enabling DoubleDragon to capture an even wider stakeholder base into our ecosystem.”
Sia also highlighted the importance of investor trust, emphasizing that the success of the offering motivates the entire team to continue their hard work and commitment. “This will further inspire our whole team to continue the grit and hard work that we believe is essential for DoubleDragon to reach greater heights,” he added.
DoubleDragon expects to raise at least P10 billion from the 5.5-year retail bonds to boost its financial position in view of its expansion plan. The retail bond carry an 8.0 percent interest rate.
