DoubleDragon Corp. said Monday it will raise up to P10 billion from the offering of fixed-rate retail bonds.
DoubleDragon said in a stock exchange filing its board of directors approved the P10-billion retail bond issuance which obtained a credit rating of PRS Aaa from the Philippine Rating Services Corp. (PhilRatings).
PhilRatings also assigned an issuer credit rating of PRS Aaa (Triple A) to DoubleDragon, making it one of the few companies in the Philippines with a credit rating of PRS Aaa (Triple A).
DoubleDragon did not disclose additional details on the proposed bond offering, particularly on the timetable and use of proceeds. The company has P9.7 billion worth of retail bonds maturing in July.
The company has been aggressively expanding its leasing portfolio with the construction of provincial community malls, warehouse complexes, office buildings and hotels.
It has completed 1.3 million square meters of gross floor area from various leasing businesses.
DoubleDragon, which has invested in a diversified hard asset portfolio spread out across the Philippines, earlier said its total equity would exceed P100 billion for the first time this year.
It also developed a novel asset-light concept and highly unique business model in Hotel101 (HBnB) that can be expanded overseas.
Its subsidiary Hotel101 Global is set to list on the Nasdaq in the United States via a merger with a special purpose acquisition company.
Hotel101 Global and affiliates will have an equity value of $2.3 billion, or about P130 billion, following the completion of the merger transaction.
Hotel101’s long-term vision is to have one million rooms, operating in over 100 countries worldwide. It identified the first 25 priority countries for expansion: the Philippines, Japan, Spain, the U.S., United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and Saudi Arabia.
It is also developing projects in Japan, Spain and the United States.
DoubleDragon booked a consolidated net income of P15.93 billion in 2023, up 23.25 percent from a year ago as revenues reached P24.74 billion.
DoubleDragon is a joint venture of businessmen Edgar Sia II and Tony Tan Caktiong of Jollibee Foods Corp.
