DOUBLEDRAGON PROPERTIES CORP. has raised $75 million from its debut in the offshore bond market, which will support capital expenditures and refinance existing obligations.

In a disclosure to the exchange on Tuesday, the property firm said it has recently concluded the issuance of five-year senior guaranteed bonds with a rate of 7.25%, conducted through its wholly-owned subsidiary DDPC Worldwide Pte. Ltd.

The bonds have been listed at the Singapore Exchange Securities Trading Ltd.

Credit Suisse (Singapore) Ltd. acted as sole global coordinator, and with PNB Capital and Investment Corp., as joint lead managers and joint bookrunners for the offering.

“The fresh funds from this new five-year $75-million bonds offering and the planned P16.97-billion REIT (real estate investment trust) IPO (initial public offering) are expected to significantly increase the cash position of the company,” it said.

DoubleDragon posted a cash flow of P5.31 billion at the end of the first quarter. Its total assets stood at P115.32 billion and total equity at P44.50 billion.

In its earlier disclosures, the company said proceeds from the bonds are planned to support its capital expenditures, maturing and existing loans, and general corporate purposes.

Earnings of DoubleDragon dropped 42% to P536.69 million in the first quarter due to a one-off fair value gain in 2019. Excluding this, its core net income surged 133% to P427.94 million.

The company is planning to file its REIT application with the Securities and Exchange Commission this month, with a target of listing the REIT shares by October.

The REIT plan involves seven buildings comprising 248,349 square meters (sq.m.), whose consolidated value is estimated at P50.89 billion. The offering of its shares is expected to generate P16.97 billion for the company, which will be reinvested to build 450,000 sq.m. of leasing space.

Shares in DoubleDragon at the stock exchange increased 12 centavos or 0.75% to P16.10 each on Tuesday. — Denise A. Valdez