DoubleDragon Corp. is looking to raise funding through it previously issued $75 million senior guaranteed notes that is listed in the Singapore Exchange Securities Trading Ltd.
The company said its offshore unit DDPC Worldwide Pte. Ltd. has mandated UBS AG Singapore Branch to arrange a series of fixed income investor calls for a Reg S tap offering of the notes due in 2025.
The company did not reveal how much it intends to raise.
“Any bonds issued pursuant to the tap offering will be consolidated with and increase the outstanding principal amount of DDPC Worldwide’s existing listed maiden dollar Bonds listed on the SGX-ST,” DoubleDragon said.
“Proceeds of the tap offering will be used for the refinancing of certain obligations, to pay down short-term credit facilities, to fund DoubleDragon’s Hotel 101 expansion and for general corporate purposes,” it added.
DoubleDragon seeks to increase diversification of its funding sources as it prepares itself to grow its business operations inside and outside the Philippines over the long-term.
“Philippine companies have successfully offered and listed fixed term senior bonds and perpetual securities on the SGX-ST in recent years. DoubleDragon recognizes the value that diverse funding sources and a broad investor base provide for its growth and expansion,” it said.
DoubleDragon has over 1 million square meters of leasable space covering provincial retail leasing, office leasing, hotels and industrial warehouse leasing.
