DoubleDragon to issue P10.9-B bonds at 7.7% next month

DOUBLEDRAGON CORP. (DD) aims to raise up to P10.9 billion through a retail bond offering next month, offering a 7.7% interest rate with maturities of 3.5 and 5.5 years.

The issue will come from the company’s bond program via shelf registration that was approved by the Securities and Exchange Commission last year, DD said in a regulatory filing on Tuesday.

DD said the bond offering secured the highest PRS Aaa credit rating from the Philippine Rating Services Corp. The rating is given to companies that have a “very strong” capacity to meet their financial commitments compared to other Philippine firms.

“This retail bond tranche was decided to be issued earlier to capitalize on the September 2025 issuance window during which the DD double-seven peso retail bond will be the only bond offering in the market,” DD said.

DD said its total equity now stands at P102 billion, with a net debt-to-equity ratio of 0.87x, led by its diversified hard asset portfolio and its Hotel101 condotel chain that is seen to become one of the major dollar inflow generators to the Philippine economy.

In May, DD unveiled the 700-room Hotel101-Roxas Boulevard in Pasay City, which is expected to generate P5.25 billion in revenue from unit sales.

Hotel101-Roxas Boulevard, located on a 1,790-square-meter (sq.m.) commercial lot, will begin construction in the second half, with completion seen by the second half of 2028.

Last month, DD announced that it had 1.5 million sq.m. of total gross floor area in its portfolio with the completion of the five-hectare CentralHub warehouse complex in Cebu.

CentralHub is a joint-venture company between DD and Jollibee Foods Corp.

DD shares improved by 3.57% or 33 centavos to P9.58 per share on Tuesday. — Revin Mikhael D. Ochave