Local credit watchdog Philippine Rating Services Corp. has issued a double-A credit rating on DoubleDragon’s proposed bond issuance. File photo
MANILA, Philippines – DoubleDragon Properties Corp. plans to raise as much as P15 billion from its maiden bond offering under a shelf registration program.
This marks DoubleDragon’s first foray into the local bond market as part of its goal to build one million square meters of leasable space in the next five years.
The first tranche of the offering is the issuance of P5 billion in retail bonds, with an oversubscription option of an additional P5 billion, before the end of the year.
The succeeding tranches are proposed to be issued under a shelf registration program, which allows its issuance within a period of three years.
A joint venture between Mang Inasal founder Egar “Injap” Sia II and Jolibee founder Tony Tan Caktiong, DoubleDragon is a fast-growing property developer. It has recently entered the hospitality industry via the acquisition of Hotel of Asia.
Local credit watchdog Philippine Rating Services Corp. has issued a double-A credit rating on DoubleDragon’s proposed bond issuance.
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Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. PRS Aa is the second highest rating category on PhilRatings’ existing credit rating scale.
PhilRatings said the credit assessment reflected DoubleDragon’s clear and well-planned growth strategies, its strong alliance with its partners, as well as the expected buildup of its recurring revenue base.
