DoubleDragon Properties Corp. is planning to offer $75-million fixed-rate senior notes, the proceeds of which will be partly used to finance its capital expenditure projects and maturing loans.
The listed property developer on Tuesday told the stock exchange that it priced its five-year dollar bonds at a rate of 7.25%. It will issue these through its wholly owned subsidiary DDPC WorldWide Pte. Ltd.
This came following the series of investor calls which Credit Suisse and PNB Capital and Investment Corp. arranged for DoubleDragon last week.
It plans to list the Regulation S-only bonds on the Singapore Exchange Securities Trading Ltd. in a still undisclosed date. Regulation S pertains to securities sold outside the United States.
The proceeds from the dollar notes, along with those from its P16.97-billion real estate investment trust (REIT) public offer, are seen to “significantly” augment the company’s cash position, which is at P5.3 billion.
By end-March, the company’s total assets stood at P115.32 billion and total equity was at P44.5 billion. Its debt-to-equity ratio remains “healthy” at 1.01x.
In the first quarter, its earnings fell 42% to P536.69 million after a one-off fair value gain in 2019. Sans unrealized fair value gains, its core net income jumped 133% to P427.94 million.
DoubleDragon tapped Credit Suisse (Singapore) Ltd. as the sole global coordinator for the bond issuance, as well as its lead manager and bookrunner with PNB Capital and Investment Corp.
On Tuesday, shares in DoubleDragon inched down 0.60% to close at P16.48 each.
Source: Adam J. Ang|BusinessWorld
Source: Peso Economics
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