DoubleDragon to raise P4 billion in second bond offering

DoubleDragon Corporation plans to raise P4 billion from the second tranche of its P10 billion shelf-registered bonds program, following its successful P6 billion bond issuance in July 2024. The Philippine Rating Services Corporation (PhilRatings) assigned its highest credit rating of PRS Aaa with a Stable Outlook to the upcoming bond issuance.

PhilRatings cited DoubleDragon's well-defined growth strategy, strong management, and solid industry partnerships as key factors for the top rating. The company's conservative financial position and expectations of improved operating cash flow, driven by rising rental income, were also highlighted.

DoubleDragon, founded by entrepreneurs Edgar "Injap" Sia II and Tony Tan Caktiong, has steadily expanded its real estate portfolio, which reached over 1.3 million square meters by March 2024.

The company operates across retail, office, hospitality, and industrial leasing, with plans to grow its portfolio to 2.4 million square meters by 2030.

With its ongoing expansion and focus on hospitality and industrial leasing, DoubleDragon expects future funding needs to be met through cash reserves and positive operating cash flow from leasing operations.