Injap Sia?s DoubleDragon taps bond market anew to fund expansion
DoubleDragon Properties Corp. obtained the Securities and Exchange Commission?s nod to proceed with its plan to issue up to P15 billion worth of fixed-rate retail bonds.
The 10-year bonds due 2026 will be issued in one or several tranches.
Local credit watchdog Philippine Rating Services Corp. was assigned a credit rating of PRS Aa, which means the issuer?s capacity to meet financial obligations is extremely strong.
Obligations rated PRS Aa are of high quality and are subject to very low credit risk.
DoubleDragon plans to use proceeds from the offering to fund the construction of CityMalls, DD Meridian Park, and Jollibee Tower in Ortigas.
Edgar ?Injap? Sia, chairman and CEO of DoubleDragon, said majority of the proceeds would be deployed in projects next year.