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Friday, December 16 2016
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DOUBLEDRAGON Properties Corp. has successfully tapped the retail bond market with its maiden issuance, boosting the company’s cash position with P5.3-billion worth of 10-year Fixed Rate Retail Bonds due 2026 which listed yesterday on the PDEx Board.
The issuance exceeded the initial base size of P5 billion as it was met with strong demand from retail investors, banks, pension funds, insurance companies and retirement funds alike.
The Philippine Services Corp. (“PhilRatings”) assigned the newly issued Retail Bonds an Issue Credit Rating of PRS Aa.
The retail bonds were issued at a coupon rate of 5.9721 percent per annum fixed for the next 10 years until its maturity on Dec. 15, 2026.
Due to the substantial demand for the retail bonds, the coupon was priced at the lowest end of the pricing range set by its Joint Issue Managers and Joint Lead Underwriters, BPI Capital Corp. and RCBC Capital Corp.
The bell ringing was led by DoubleDragon’s chairman and co-chairman, Edgar “Injap” Sia II and
Tony Tan Caktiong, respectively, together with DoubleDragon directors and officers: President
Ferdinand Sia, Treasurer & CFO Rizza Marie Joy Sia, and CIO Hannah Yulo.
Representatives from the PDEx included its Chairman and CEO Cesar Crisol, President & COO Antonino Nakpil and PDTC President and COO Theresa Ravalo.
Also present were Joint Issue Managers and Joint Lead Underwriters BPI Capital Corp. co-head John Syquia and RCBC Capital Corp. President and CEO Jose Luis Gomez.
This issuance marks the first tranche of the company’s three-year retail bond shelf registration
approved by the Securities and Exchange Commission with an aggregate amount of
P15 billion, which the company expects to fully cover the capex requirements to complete
its 2020 goal of developing one million square meters of leasable space.
PDS Group Chairman and CEO Cesar Crisol said: “This issue generated investor demand strong
enough for the company to exercise some of its oversubscription option which signals investors’ positive views on DoubleDragon. This also indicates the level of investor trust and appreciation of the firm’s two principals, Edgar “Injap” Sia II and Tony Tan Caktiong, as successful builders of businesses and well-known brands loved by many of our fellow countrymen, Mang Inasal and Jollibee.”/PN
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