DoubleDragon Returns to the PDEx Organized Secondary MarketPosted on: July 21, 2017
21 July 2017, Makati Philippines – DoubleDragon Properties Corp. (DoubleDragon, DD) returned to the local debt market after just eight months, for the listing of its PhP 9.7 Billion Seven-Year Fixed Rate Bonds in the Philippine Dealing & Exchange Corp. (PDEx) platform.
These newly listed DD Bonds carry an interest rate of 6.0952% and have been assigned a PRS Aa rating by Philippine Rating Services Corp., the second highest rating category in the local debt watcher’s existing credit rating scale. This indicates that the obligations are of high quality and are subject to very low credit risk.
The DD Bonds due 2024 is the second tranche of the PhP 15-billion retail bonds under shelf registration approved by the Securities and Exchange Commission in 2016. The first tranche amounting to PhP 5.3 billion was issued and listed in PDEx last December.
DoubleDragon CEO and Chairman Edgar Sia II and DoubleDragon Co-Chairman Tony Tan Caktiong led the ringing of the bell to herald the listing and start of trading of the Seven-Year DD Bonds on the PDEx platform.
PDS Group President and CEO Cesar Crisol remarked: “We are happy to note that despite being a fresh name in the local debt market, the investor community has met its offering with demand strong enough to allow the exercise its oversubscription allotment of PhP 3.2 Billion. We hope that Double Dragon is doubly delighted with this successful second foray through the capital market.”
DoubleDragon Chief Investment Officer Hannah Yulo said: “Today marks a momentous moment for DoubleDragon as the company has now fully funded all of its capex requirements for our 2020 vision to complete 1 million square meters of prime commercial leasable space across the Philippines. This round of funding now enables the full completion of 100 CityMalls in various provincial areas of Luzon, Visayas and Mindanao, DD Meridian Park complex in the Bay Area , and Jollibee Tower in Ortigas CBD. These string of projects will also translate in enabling DoubleDragon to realize its goal of 4.8 Billion pesos in net income by 2020.”
This 20th listing for the year brings the year-to-date total of new listings and enrollments to PhP 135.21 Billion, 141% higher than the same period last year while the cumulative level of Bonds listed or enrolled today stands at PhP 735.92 Billion issued by 46 companies with 124 securities.
DoubleDragon Senior Officers who attended the event were CEO and Chairman Edgar Sia II, Co-Chairman Tony Tan Caktiong, President Ferdinand Sia, Chief Finance Officer Rizza Marie Joy Sia, and Chief Investment Officer Hannah Yulo.
The issue underwriters were also present including BDO Capital & Investment Corporation President Eduardo Francisco, Maybank ATR Kim Eng Capital Partners, Inc. Managing Director Manuel Banayad, RCBC Capital Corporation President and CEO Jose Luis Gomez, and BPI Capital Corporation President Juan Carlos Syquia. #