DoubleDragon Properties Corp. set the coupon rate for its P9.7-billion seven-year fixed-rate retail bonds at 6.0952 percent annum.
DoubleDragon said in a disclosure to the stock exchange the coupon rate was set at the bottom end of the pricing range amid strong demand from investors. The bond issuance will have a base size of P6.5 billion, with an option to issue an additional P3.2 billion upon oversubscription.
The offer period for the retail bonds will run from July 7 to July 13, subject to the receipt of the permit to sell from the Securities and Exchange Commission.
The retail bonds are set to be issued and listed with the Philippine Dealing & Exchange Corp. on July 21.
The bond issue marks the second tranche to be offered from DoubleDragon’s P15-billion bond shelf registration approved by the SEC last year.
DoubleDragon president Edgar Sia II said proceeds from the fund raising would be used to roll out community malls under CityMalls brand.
Sia said this will be last fund raising activity of the company under its 2020 program.
DoubleDragon aims to have 100 community malls under CityMalls and one million square meters of leasable space from community malls, office and hotels development by 2020. These projects are expected to provide the company with strong recurring revenues.
The company targets to have 30 CityMalls in operations by end-2017.
