DoubleDragon upsizes retail bond offer
MANILA, Philippines – Listed DoubleDragon Corp. of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong has increased its retail bond offering on robust demand.
DoubleDragon said in a statement that the base offer for its “Double-Seven” issue got snapped up as early as the second day of the offer period, thus activating the oversubscription option.
The retail bond offer is set to close by 5 pm today and is aimed at raising around P10.9 billion.
READ: DoubleDragon bonds get triple A rating from Philratings
The notes have a yield of 7.7 percent a year and will be listed on the Philippine Dealing and Exchange Corp. on Sept. 19.
Investors may lend a minimum of P50,000, according to DoubleDragon.
Bond program
The notes, which have a tenor of three and a half years and five and a half years, are part of a bond program the SEC approved in 2024.
DoubleDragon earlier said the retail bond offer would “further increase its cash position and further strengthen its balance sheet.”
Philippine Rating Services Corp. (PhilRatings) had assigned an issue credit rating of PRS Aaa to the bond issuance, entailing that DoubleDragon had minimal credit risk and that it had a “very strong capacity” to meet its financial commitments.
