DoubleDragon ends P10-B bond offer early

LISTED DoubleDragon Corp. (DD) said it ended the offer period for its P10-billion fixed-rate peso retail bond issuance two days earlier than planned due to high investor demand.

The bond issuance was “more than fully subscribed” as of Nov. 18, earlier than the original end of the offer period on Nov. 20, DD said in a statement to the stock exchange on Tuesday.

“We are deeply grateful for the trust and confidence of the investing public as manifested in this retail bond offering. This will further inspire our whole team to continue the grit and hard work that we believe is essential to enable DD to reach greater heights and become more and more relevant and durable as years go forward,” DD Chairman Edgar “Injap” J. Sia II said.

“We are very glad about the early oversubscription outcome of this DD otso-buenas peso retail bond offering, enabling DD to capture an even wider stakeholder base into DD’s ecosystem,” he added.

DD’s bond issuance was priced at 8% per annum and has a tenor of 5.5 years.

The offer had a base amount of P5 billion and an oversubscription option of up to P5 billion.

The issuance will be listed on the Philippine Dealing & Exchange Corp. on Nov. 27.

“We seek the understanding of the investing public for cutting short the DD retail bond offer period due to oversubscription way ahead,” the company said.

For the first nine months, DD’s attributable net income climbed by 5.2% to P1.51 billion from P1.43 billion in 2023. Revenue for the January-to-September period increased by 4.5% to P6.42 billion from P6.15 billion a year ago.

On Tuesday, DD shares rose by 1.35% or 13 centavos to P9.77 per share. — Revin Mikhael D. Ochave