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In a stock exchange filing, DoubleDragon said that it has received the order of registration and the permit to sell from the Securities and Exchange Commission (SEC) for its seven-year peso retail bond offering.
STAR / File
MANILA, Philippines — DoubleDragon Corp., the listed property developer owned by Edgar “Injap” Sia II and Tony Tan Caktiong, commenced with the company’s only peso retail bond offering for the year, with hopes of raising as much as P10 billion.
In a stock exchange filing, DoubleDragon said that it has received the order of registration and the permit to sell from the Securities and Exchange Commission (SEC) for its seven-year peso retail bond offering.
The retail bonds will have an interest rate of 7.77 percent per annum. Offer period started yesterday and will end on Feb. 14.
Proceeds from the issuance are expected to further increase DoubleDragon’s cash position and strengthen its balance sheet.
The Philippine Rating Services Corp. has assigned an issue credit rating of PRS Aaa to the bond issue of up to P10 billion.
The offering serves as the second tranche from the company’s bond program approved by the SEC via shelf registration last year.
The final third tranche is planned for issuance by next year.
In November last year, DoubleDragon ended the offer period of its P10-billion retail bond offering two days ahead of schedule after surpassing the available allocation due to high volume of orders.
The bond offering was the first tranche of the company’s multi-year P30-billion shelf registration retail bonds program.
