Orders had already exceeded twice the base issue by Sept. 12, activating the oversubscription option as investors rushed in ahead of the deadline.
The bonds, carrying a fixed 7.7 percent rate, offer tenors of 3.5 and 5.5 years and quarterly payouts, with a minimum investment of P50,000.
Drawn from the unutilized portion of DoubleDragon’s 2024 shelf-registered bond program approved by the Securities and Exchange Commission, the issuance positions the company as the sole peso bond issuer this September.
PhilRatings has assigned a PRS Aaa rating to the issue, reflecting DoubleDragon’s strong balance sheet, with P102 billion in total equity and a low net debt-to-equity ratio.
The company said proceeds will support its growth strategy anchored on a diversified property portfolio across Luzon, Visayas, Mindanao, and overseas, alongside the global rollout of its Hotel101 hospitality brand.
Joint lead underwriters are RCBC Capital and Unicapital, while Land Bank of the Philippines acted as selling agent.
—Edited by Miguel R. Camus
