DoubleDragon Properties Corp. said it hired four banks to handle a P9.7-billion bond offering.
DoubleDragon said in a filing with the Securities and Exchange Commission it tapped BDO Capital & Investments Corp., Maybank ATR Kim Eng, RCBC Capital Corp. and BPI Capital Corp. as joint lead underwriters for the offering.
The seven-year bond offering has a base offer of P6.5 billion, with an oversubscription option for another P3.2 billion.
The proposed issuance represents the second tranche of the P15-billion fixed-rate retail bonds previously approved by the Securities and Exchange Commission under a shelf registration program.
DoubleDragon said proceeds from the bond offering would mainly fund the construction of 10 to 13 CityMalls and the acquisition of 15 to 20 CityMalls.
The 13 CityMalls currently under construction are located in Baler, Ozamiz, San, Enrique, Cadiz, Tuguegarao, General Trias, Tagbilaran, Bongabon, Aparri, Los Banos, Northtown Davao, Basilan and Lucena.
Meanwhile, the potential sites for acquisitions are in Agusan del Sur, Albay, Batangas, Benguet, Bukidnon, Bulacan, Camarines Sur, Cavie, Cebu, Isabela, Cotabato, Davao del Norte, Davao del Sur, Davao Oriental, Easten Samar, Ilocos Norte, Ilocus Sur, Kalinga, La Union and Laguna.
DoubleDragon chief investment officer Marianna Yulo earlier said the proceeds were expected to fully cover the company’s development plans through 2020 for both office and retail portfolios.
DoubleDragon aimed to have 100 Citymalls by 2020. It also aims to hit one million square meters of leasable space including 700,000 sqm for Citymalls and 300,000 sqm for office projects.
DoubleDragon now has 15 operational CityMalls, with another 25 under construction and slated to open within the year.