DoubleDragon raises P7.4 B through debt paper

MANILA, Philippines—

Screengrab from doubledragon.com.ph

Properties Corp. has raised P7.4 billion for capital outlays by selling long-term debt notes to selected institutional investors.

Proceeds from the issuance of these seven-year fixed-rate corporate notes will be used by the company to fund its capital expenditures, such as the development of a chain of community malls under the “CityMall” brand, the construction of DoubleDragon Plaza at The Meridian Park, Dragon8 Shopping Center-Divisoria, The Skysuites Tower and general corporate purposes.

“Due to strong institutional demand, the company increased the note issuance to P7.4 billion from the original P6.5 billion,” DoubleDragon said in a disclosure to the Philippine Stock Exchange on Friday.

Unlike retail bonds, which are sold through a public offering and must go through a more tedious regulatory approval process, corporate notes are a quicker fund-raising option for top-tier corporations as they are sold to no more than 19 selected institutional investors.

The issuance was arranged by BDO Capital & Investment Corp., the investment banking arm of Banco de Oro Unibank.

DoubleDragon chair Edgar “Injap” Sia said he was pleased with institutional support for his company’s fund-raising activity. “We are glad that the great long-term potential of DoubleDragon Properties Corp. has been recognized,” he said.

He said his team was inspired by both institutional and retail investor support since DoubleDragon debut on the local stock market to work towards a “sustained high-growth momentum.”