DOUBLE DRAGON TO ISSUE $75M BONDS

Double Dragon today disclosed to the Philippine Stock Exchange (PSE) that its subsidiary, DDPC Worldwide Pte. Ltd. has executed a Subscription Agreement with Credit Suisse (Singapore) Limited as sole global coordinator, joint lead manager and joint bookrunner and PNB Capital and Investment Corporation as joint lead manager and joint bookrunner, for the issuance of US $ 75,000,000 7.25% Senior Guaranteed Bonds Due 2025.

The Bonds will be listed on the Singapore Exchange Securities Trading Limited, it said. The proceeds of this new 5-year US $ 75,000,000 Bonds offering and the planned Php16.97 Billion REIT IPO are expected to significantly increase the cash position of the Company. Net Income generated for the year-ended 2019 has reached Php 10.65 Billion, an increase of 43.53% compared to Net Income of Php 7.42 Billion in 2018. More importantly, DoubleDragon’s recurring revenue grew by 30.13% to Php 3.95 Billion in 2019 compared to Php 3.03 Billion the prior year primarily from the growth of its rental revenues which grew 31.02% to Php 3.27 Billion in 2019 compared to Php 2.50 Billion in the prior year. DoubleDragon has 803,738 square meters of completed leasable space, which comprise 80.3% of the 2020 target set during the IPO, coming from having zero leasable space when it listed in April 2014. As of March 31, 2020, DoubleDragon’s Consolidated Total Assets stood at Php 115.32 Billion while Total Equity is at Php 44.50 Billion. Debt to Equity Ratio remains healthy at 1.01x, and Cash position stands at Php 5.30 Billion pesos.