Double Dragon prices tap offering on SGX-ST

1 year ago 71

DOUBLEDRAGON Corp.'s wholly-owned subsidiary DDPC Worldwide Pte. Ltd. announced that it has successfully priced at par its tap offering of its outstanding $130-million 7.25-percent senior guaranteed notes due 2025 with a reopening size of around $30 million, which is immediately fungible with the original note.

The notes mature on July 27, 2025, and the existing notes are listed on the Singapore Exchange Securities Trading Ltd. The new total size of the guaranteed notes will be at around $160 million, while the new reopening price is expected at $100 per share.

The notes issued pursuant to the tap offering will be consolidated with and form a single series with the DDPC Worldwide's existing $130,000,000 7.25-percent senior guaranteed notes due 2025, which were issued on July 27, 2020 and March 16, 2022. RCBC Capital acted as domestic lead managers for the tap offering.

Get the latest news delivered to your inbox

Sign up for The Manila Times’ daily newsletters

By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.

The proceeds from these guaranteed and intended for the company's Hotel 101-Niseko Hokkaido Japan Project and for general corporate purposes. The property has about 518 rooms and DoubleDragon expects to generate $137.3 million in hybrid condotel pre-selling sales revenue from this overseas Hotel 101 project.

DoubleDragon continues diversifying its funding sources as it prepares itself to grow its business operations inside and outside the Philippines over the long term. It is one of the Philippine companies that have successfully offered and listed fixed term senior bonds on the SGX-ST in recent years. It also expects to begin to generate US dollar revenues by the first quarter of 2023.

Read Entire Article