Due to exceptionally high demand following the start of the Offer Period, DoubleDragon Corporation, together with RCBC Capital Corporation, Unicapital Inc., and the Development Bank of the Philippines (DBP) as joint lead underwriters, joint issue managers, and bookrunners, announces that the retail bond offering of DoubleDragon Corporation has been oversubscribed as of July 5, 2024.
In accordance with the terms and conditions of the retail bond, the Issuer and the joint lead underwriters, issue managers, and bookrunners have agreed to shorten the offer period, which was originally scheduled to end on July 10, 2024, but concluded early on July 5, 2024.
We appreciate the understanding of the investing public regarding the decision to shorten the DD retail bond offer period due to significant oversubscription. DoubleDragon is pleased to announce that another tranche of DD retail bond offering will be facilitated very soon. This marks DoubleDragon’s return to the retail bond market after a hiatus of over 5 years, and DD is grateful for the steadfast support of the investing public.
As DoubleDragon continues to expand in the Philippines and internationally, the robust support shown by investors in this retail bond offering holds great significance as we pursue our collective aspirations.
Joint Issue Managers, Joint Lead Underwriters, and Bookrunners: DoubleDragon Corporation has obtained the Fixed Rate Retail Bonds Order of Registration and Permit to Sell from the Securities and Exchange Commission (SEC). This 3.5-year DoubleDragon Retail Bond Offering carries an interest rate of 8.008% per annum.
Joint Issue Managers, Joint Lead Underwriters, Bookrunners, and Selling Agents: RCBC Capital Corporation, Unicapital, Inc., and DBP (Development Bank of the Philippines); with EastWest Bank serving as a Selling Agent.
dated June 28, 2024, from the Securities and Exchange Commission (SEC) concerning its 3.5-year Retail Bond Offering.
Rating: Triple A – The Philippine Rating Services Corporation (PhilRatings) has assigned an Issue Credit Rating of PRS Aaa to DoubleDragon Corporation’s (DoubleDragon) proposed bond issue of up to Php10 Billion.
Coupon Rate: 8.008% per annum
Offer Period: up to July 10, 2024
PDEx Listing Date: July 16, 2024
Minimum: Fifty Thousand Pesos (Php 50,000)
Joint Issue Managers, Joint Lead Underwriters, Bookrunners: RCBC Capital Corporation Unicapital, Inc DBP (Development Bank of the Philippines)
Selling Agents: RCBC Capital Corporation Unicapital, Inc DBP (Development Bank of the Philippines)EastWest Bank
PhilRatings has also assigned DoubleDragon Corporation an Issuer Credit Rating of PRS Aaa (Triple A). This places DoubleDragon among the select few companies in the Philippines to achieve the highest credit rating from Philippine Rating Services Corporation.
“We are pleased to re-enter the Peso Retail Bond market after a hiatus of over 5 years. We believe that the pricing of this DD Retail Bond Offering at 8.008% will attract a broad range of investors seeking the attractive coupon rate of a Triple A rated retail bond, especially with a minimum investment size of only 50,000 pesos. Additionally, the double 8’s in the coupon rate are considered auspicious or ‘swerte’ by many,” said DoubleDragon Chairman Edgar “Injap” Sia.
“I personally believe that 2024 may mark the final year in my entrepreneurial journey where the retail public can participate in a retail bond priced at 8.008% coupon rate, given DoubleDragon’s approach to achieving Bluechip status on its balance sheet and the global shift towards a lower interest rate cycle,” Mr. Sia added.
In 2024, DoubleDragon’s Total Equity is set to surpass Php100 Billion for the first time, positioning the company among the select few in the Philippines with Total Equity at this scale. DoubleDragon boasts a diverse portfolio of hard assets spread across prime locations in Luzon, Visayas, Mindanao, and overseas, alongside its innovative Hotel101 (HBnB) concept, which is poised for global expansion and expected to significantly contribute to US Dollar inflows into the Philippine economy.
DoubleDragon recently reported a +23.25% year-on-year growth in Consolidated Net Income to Php15.93 Billion for the year ending December 31, 2023, with Consolidated Revenues reaching Php24.74 Billion for the same period. As of December 31, 2023, the company’s Total Assets increased by +15.59% year-on-year to Php181.24 Billion, while Total Equity grew by +15.88% year-on-year to Php94.57 Billion, maintaining a very healthy Debt-to-Equity ratio of 0.64x.
DoubleDragon Corporation is chaired and co-chaired by two prominent Filipino entrepreneurs—Edgar “Injap” Sia II, Founder of Mang Inasal, and Tony Tan Caktiong, Founder of Jollibee.
