DoubleDragon To Conduct Top Up Tranche2 Offering Of SGX-ST U.S. Dollar Bonds
DoubleDragon Corporation (“DoubleDragon”) announces that its wholly-owned offshore subsidiary, DDPC Worldwide Pte. Ltd. (“DDPC Worldwide”) has mandated UBS AG Singapore Branch to arrange a series of fixed income investor calls commencing on 21 February 2022.
Photo Insert: DoubleDragon's net income for the first nine months of 2021 reached ₱8.31 Billion.
A Reg S tap offering of DDPC Worldwide's outstanding US$75,000,000 7.25% Senior Guaranteed Notes Due 2025 (ISIN: XS2207972790; Common Code: 220797279) due in 2025 and listed on the Singapore Exchange Securities Trading Limited (the “SGXST”) in Singapore (the “Tap Offering”) may follow, subject to market conditions.
Any bonds issued pursuant to the Tap Offering will be consolidated with and increase the outstanding principal amount of DDPC Worldwide’s existing listed maiden USD Bonds listed on the SGX-ST.
Proceeds of the Tap Offering will be used for the refinancing of certain obligations, to the pay down of short-term credit facilities, to fund DoubleDragon’s Hotel 101 expansion, and for general corporate purposes.
DoubleDragon seeks to increase the diversification of its funding sources as it prepares itself to grow its business operations inside and outside the Philippines over the long term. Philippine companies have successfully offered and listed fixed-term senior bonds and perpetual securities on the SGX-ST in recent years. DoubleDragon recognizes the value that diverse funding sources and a broad investor base provide for its growth and expansion.
DoubleDragon has completed a portfolio of over 1 million square meters of leasable GFA in the diversified sectors of provincial retail leasing, office leasing, hotels, and industrial warehouse leasing.
DoubleDragon's net income for the first nine months of 2021 has reached ₱8.31 Billion. As of September 30, 2021, DoubleDragon’s total assets stood at ₱136.59 Billion, and total equity stood at ₱68.57 Billion. Its debt to equity ratio (“D/E”) improved at 0.63x which is far below its D/E ceiling of 2.33x, and its cash position stands at ₱7.34 Billion pesos.
DoubleDragon's D/E ratio improved during the pandemic versus its D/E ratio pre-pandemic as it has strengthened its balance sheet significantly after it conducted its ₱14.7 Billion DDMPR REIT IPO and the ₱3.97 Billion CENTRALHUB equity partnership in 2021 with Jollibee Foods Corporation.
This announcement does not constitute or form part of and should not be construed as an offer or invitation or the solicitation of an offer to sell, issue, or subscribe for securities in the United States, Philippines, or elsewhere where such offer or sale would be unlawful.