DoubleDragon Corp. said Tuesday it plans to conduct an additional or tap offering of its Singapore-listed US dollar bonds to finance expansion.
A tap offering is a procedure that allows borrowers to sell additional bonds or notes from past issues.
DoubleDragon said in a stock exchange filing its offshore unit DDPC Worldwide Pte. Ltd. mandated UBS AG as the sole global coordinator, lead manager and bookrunner to arrange a series of fixed income investor calls.
DoubleDragon said a tap offering on DDPC Worldwide’s $160-million 2025 senior guaranteed notes listed on the Singapore Exchange Securities Trading Ltd. may follow. The existing notes have an interest rate of 7.25 percent.
“Any bonds issued pursuant to the tap offering will be consolidated with and increase the outstanding principal amount of DDPC Worldwide’s existing listed maiden USD Bonds listed on the SGX-ST,” the company said.
DoubleDragon said this fund raising activity would enable it to diversify its funding sources as it prepares expand its business operations both here and abroad. Jenniffer B. Austria