DoubleDragon unit raises $75M from maiden offshore bond offer

A wholly-owned subsidiary of DoubleDragon Properties Corp. made a successful debut on the global bond market with the issuance of five-year bonds amounting to $75 million.

In a stock exchange filing, DoubleDragon said DDPC Worldwide Pte. Ltd. had listed its senior guaranteed bonds due 2025 with coupon rate of 7.25% per annum on the Singapore Exchange Securities Trading Ltd.

The bonds are guaranteed by DoubleDragon.

Credit Suisse (Singapore) Ltd. was the sole global coordinator, joint lead manager and joint bookrunner while PNB Capital and Investment Corp. was the joint lead manager and joint bookrunner.

Proceeds from the bond offering and DoubleDragon’s planned REIT initial public offering of P16.97 billion are expected to significantly increase the cash position of the Injap Sia-led property firm.

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