DoubleDragon Secures PhP5B in 7-Year Corporate Notes

Iloilo–(PHStocks)–DoubleDragon Properties Corp. (PSE: DD) has secured PhP5 billion in 7-Year Corporate Notes at fixed interest rates to finance its various ongoing projects. This signifies strong confidence in DoubleDragon’s strategic direction and will add momentum to the company’s targeted rollout of one hundred (100) CityMalls by 2020.

DoubleDragon’s financial leverage ratios remains healthy with debt-to-equity at 1.07x and net debt-to-equity at 0.58x as of the end of December 2014. With the addition of the PhP5 billion in 7-Year Corporate Notes, the company will continue to have sound financial leverage ratios.

By June 2015, the company expects to have twenty-five (25) CityMalls in different stages of completion, majority of which are already under construction to date. This should ensure that the company meets its target completion of twenty-five (25) CityMalls by the end of this year. CityMall is poised to become the largest independent chain of community malls in the country.