DoubleDragon Corp., the property development venture of tycoons Edgar Sia II and Tony Tan Caktiong, is returning to the overseas bond market to raise about $75 million (P3.8 billion) for debt management and the expansion of Hotel 101.
DoubleDragon’s wholly owned offshore subsidiary, DDPC Worldwide Pte. Ltd., tapped UBS AG Singapore Branch to arrange the debt sale and a series of investor calls starting Feb. 21 this year, a stock exchange filing on Monday showed.
Payable in 2025
DoubleDragon plans to offer $75-million 7.25-percent notes that are payable in 2025. The bonds will be listed on the Singapore Exchange Securities Trading Ltd.
“Proceeds from the [offering] will be used [to refinance] certain obligations, to paydown short-term credit facilities, to fund DoubleDragon’s Hotel 101 expansion and for general corporate purposes,” DoubleDragon said.
It added that the bonds raised would be consolidated with the outstanding principal amount of DDPC Worldwide’s existing listed maiden US-dollar bonds listed in Singapore.
In August 2020, DoubleDragon listed $75-million 7.25-percent bonds due in 2025 on the Singapore Exchange Securities Trading.
The fundraising comes as DoubleDragon revealed plans to expand its Hotel 101 brand overseas.
The first international Hotel 101 will be located within the region and will be launched by the second half of the year.
First offshore investment
“DoubleDragon has shortlisted sites where Hotel 101 is expected to be patronized by local and foreign tourists as well as Filipinos who visit that country for business or leisure,” the company said in an earlier filing.
“The first Hotel 101 project outside the Philippines is also expected to give Filipino investors a chance to make their first offshore real estate investment with affordable payment terms for their hybrid condotel Hotel 101 investment,” it added. INQ