Bilyonaryo Injap Sia’s DoubleDragon Properties Corp. has mandated banks to arrange a new US dollar-denominated bond issue.
In a stock exchange filing, DoubleDragon said it has tapped Credit Suisse as sole global coordinator and Credit Suisse and PNB Capital as joint lead managers and joint bookrunners for the proposed offering.
The notes will be issued by DoubleDragon’s wholly-owned unit DDPC Worldwide Pte. Ltd.
Net proceeds from the offering will be used to finance the company’s capital expenditures, maturing and/or existing obligations, and for general corporate purposes.
DoubleDragon is also eyeing to raise nearly P17 billion from the initial tranche of its REIT (real estate investment trust) assets. Proceeds from the REIT offering will be used to construct 450,000 square meters of building floor area.
The company currently has 803,000 sqm in its portfolio and plans to list via REIT about 200,000 to 250,000 sqm annually from 2020 to 2025 which will enable DoubleDragon to unlock the values of its prime leasable assets.