DoubleDragon ends P10 billion bond offer ahead of schedule

MANILA, Philippines — DoubleDragon Corp., the listed developer chaired by Edgar “Injap” Sia II, cut short its P10-billion retail bond offering after surpassing the available allocation due to high volume of orders.

In a stock exchange filing, DoubleDragon said the retail bond offering has been more than fully subscribed as of Nov. 18.

DoubleDragon said that together with its joint lead underwriters, joint issue managers and bookrunners, they have agreed to end the offer period two days ahead of schedule.

The offering priced at eight percent per annum was supposed to run from Nov. 11 to Nov. 20.

“We are very glad with the early oversubscription outcome of this DoubleDragon Otso-Buenas peso retail bond offering, enabling DoubleDragon to capture an even wider stakeholder base into DoubleDragon’s ecosystem,” Sia said.

The bond offering is the first tranche of the company’s multi-year P30-billion shelf registration retail bonds program.

The bonds will be listed on the Philippine Dealing & Exchange Corp. on Nov. 27.

“We are deeply grateful for the trust and confidence of the investing public as manifested in this retail bond offering. This will further inspire our whole team to continue the grit and hard work that we believe is essential to enable DoubleDragon to reach greater heights and become more and more relevant and durable as years go forward,” Sia said.

DoubleDragon earlier said its 5.5-year retail bond offering is expected to be the very last eight-percent peso retail bond offering of the company over the long term.

RCBC Capital Corp., Land Bank of the Philippines and Unicapital Inc. served as the joint lead underwriters, joint issue managers and bookrunners of the offer.