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Philippines’ DoubleDragon plans third tap of 7¼% notes due 2025
By Marisa Wong
Los Angeles, March 21 – DoubleDragon Corp. announced that wholly owned offshore subsidiary DDPC Worldwide Pte. Ltd. is planning a tap offering of its outstanding $160 million 7¼% senior notes due 2025 (ISIN: XS2207972790) guaranteed by DoubleDragon.
The subsidiary has mandated UBS AG as global coordinator, lead manager and bookrunner to arrange a series of fixed-income investor calls beginning Tuesday ahead of the Regulation S tap offering.
The company originally sold $75 million of the notes in July 2020, followed by a $55 million tap in March 2022 and a $30 million add-on in November.
The proposed offering is subject to market conditions, the company noted.
Proceeds will be earmarked for the development and construction of Hotel101 overseas projects and for general corporate purposes.
The real estate developer is based in Makati City, Philippines.
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