DOUBLEDRAGON Corp. said its wholly owned offshore unit DDPC Worldwide Pte. Ltd. is planning to conduct a Registration S tap offering of its bonds listed at the Singapore Exchange Securities Trading Ltd. (SGX-ST).

“DoubleDragon seeks to increase [the] diversification of its funding sources as it prepares itself to grow its business operations inside and outside the Philippines over the long-term,” the company said in a disclosure on Monday.

DDPC Worldwide engaged UBS AG Singapore Branch to arrange a series of fixed-income investor calls starting on Monday.

The company said a Registration S tap offering of DDPC Worldwide’s outstanding $75-million senior guaranteed notes due 2025 with a 7.25% rate “may follow, subject to market conditions.”

“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 USD Bonds listed on the SGX-ST,” DoubleDragon said.

The company said proceeds from the tap offering will be used to refinance certain obligations, repay short-term credit facilities, and fund DoubleDragon’s Hotel 101 expansion, and for general corporate services.

Last week, DoubleDragon said its Hotel 101 Worldwide Private Ltd. is preparing to launch its first hotel project outside the Philippines. It is planning to acquire the first property for development in Asia by the second quarter of this year, which will then be launched by the second half of 2022.

On Monday, shares of DoubleDragon at the stock exchange went up 1.37% or 14 centavos to close at P10.38 apiece. — Keren Concepcion G. Valmonte