DoubleDragon’s retail bond offering exceeds subscription

By Francis Allan L. Angelo

DoubleDragon Corporation’s retail bond offering has been more than fully subscribed as of July 5, 2024, five days before the end of the offer period, due to an overwhelming volume of orders.

The issuance, led by RCBC Capital Corporation, Unicapital Inc., and the Development Bank of the Philippines (DBP), has prompted an early closure of the offer period, initially set to end on July 10, 2024.

DoubleDragon Chairman Edgar “Injap” Sia expressed gratitude for the strong support from the investing public.

“We are pleased to announce another tranche of DD retail bond offering will be facilitated very soon,” Sia said. “We believe that the pricing of this DD Retail Bond Offering at 8.008% will enable a wide range of people to avail of the good coupon rate for a Triple A-rated retail bond.”

The 3.5-year retail bonds, priced at an annual rate of 8.008%, received the Order of Registration and Permit to Sell from the Securities and Exchange Commission (SEC) on June 28, 2024.

The bonds have been assigned an Issue Credit Rating of PRS Aaa by the Philippine Rating Services Corporation (PhilRatings), the highest rating tier.

DoubleDragon’s robust financial health is highlighted by its recent performance. The company reported a consolidated net income of Php 15.93 billion for the year ending December 31, 2023, marking a 23.25% year-on-year increase.

Consolidated revenues reached Php 24.74 billion, and total assets rose to Php 181.24 billion, a 15.59% year-on-year growth.

The company’s diverse portfolio, which includes the innovative and exportable Hotel101 concept, and strategic properties across Luzon, Visayas, Mindanao, and overseas, underpins its strong foundation.

DoubleDragon’s co-founders, Edgar “Injap” Sia II and Jollibee founder Tony Tan Caktiong, continue to steer the company towards significant milestones, including its upcoming Hotel101 Global listing in the US.

The company’s retail bonds will be listed on the Philippine Dealing and Exchange Corp. (PDEx) on July 16, 2024.