DoubleDragon Corp. plans to raise another P10 billion from the issuance of retail bonds in the first quarter of 2025.
DoubleDragon said in a disclosure to the stock exchange Thursday its board of directors approved the offering of up to P5 billion in fixed-rate bonds, with an oversubscription option for another P5 billion.
The latest bond offering will be issued as second tranche from the company’s P30-billion bond shelf program approved by the Securities and Exchange Commission in 2024.
“This upcoming 2025 DD retail bond offering is intended to be offered in Q1 2025 this year which could become one of the very first long-term peso retail bond offering available in the Philippines at the start of year 2025 at an expected attractive rate of 7.77 percent p.a. [DD New Year TRIPLE-7 Retail Bonds] and possibly the very last chance that the public can lock in their funds at 7.77 percent p.a. rate for intended long-term 7-year tenor issued by a Triple A credit-rated listed company with a diversified hard asset portfolio spread out in the Philippines and overseas,” DoubleDragon said.
The Philippine Rating Services Corp. (PhilRatings) assigned an issue credit rating of PRS Aaa to the proposed bond issue offering.
PhilRatings also assigned an issuer credit rating of PRS Aaa (Triple A) to DoubleDragon.
DoubleDragon raised P10 billion in November from the issuance of 5.5-year bonds, which carried a coupon rate of 8 percent per annum.
The company said it would use the net proceeds from the planned fund-raising activity to further increase its cash position and strengthen its balance sheet.
