DoubleDragon Corp. said Tuesday it shortened the offer period for its planned P10-billion retail bond sale amid strong demand from investors.
The company said in a disclosure to the stock exchange its underwriters reported that the bond offering were more than fully subscribed as of Nov. 18, 2024.
It said that as a result, the offer period, which started on Nov. 11, 2024, was closed on Nov. 18, 2024, instead of the original closing date of Nov. 20, 2024.
The bonds will be listed on the Philippine Dealing and Exchange Corp. on Nov. 25, 2024.
“We are very glad about the early oversubscription outcome of this DD Otso-Buenas Peso Retail Bond offering, enabling DoubleDragon to capture an even wider stakeholder base into DoubleDragon’s ecosystem,” said DoubleDragon Chairman Edgar Sia.
“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 entire team to continue the grit and hard work that we believe is essential for DoubleDragon to reach greater heights and become more relevant and durable in the years to come,” said Sia.
The 5.5-year bond sale, which carries a coupon rate of 8 percent per annum, represents the first tranche of bond offerings to be issued from the company’s P30-billion bond shelf registration program approved by the Securities and Exchange Commission.
RCBC Capital Corp., Landbank and Unicapital Inc. acted as DoubleDragon’s joint lead underwriters, joint issue managers and bookrunners for the fundraising activity.
This is the second time DoubleDragon tapped the debt market this year. In July, the company also raised P10 billion from a bond offering with a yield of 8.008 percent per annum.
DoubleDragon reported an attributable net income of P1.5 billion in the first nine months of 2024, or 5 percent higher than P1.43 billion it logged in the same period last year. Revenue from January to September rose 4.5 percent to P6.42 billion from P6.15 billion a year ago.
