DOUBLEDRAGON Corp. said Wednesday that its board of directors had approved a P30-billion multi-year shelf registration for retail bonds to beef up its war chest for asset acquisitions.
The firm told the stock exchange that the first issuance, scheduled for this quarter, would be named 'Dragon Year-End Bond s' to coincide with the closing of the Year of the Dragon.DoubleDragon said that most of its 'capital-raising issuances were all deployed in building up its hard asset recurring revenue portfolio from zero to now 1.3 million square meters of completed GFA .
The company expects to issue its retail bond offerings in at least three tranches at five to seven years' tenor, with rates expected at the 8 percent per year area for the 2024 issuance, 7 percent for the 2025 tranche, and 6 percent for the 2026 batch.Following these, requirements for additional substantial capital expenditure will no longer be needed in the near term, DoubleDragon said, adding that it aims to become a tier 1 company by 2025.
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