Double Dragon unit solicits consents for 7¼% notes due 2025

By Rebecca Melvin

Concord, N.H., Jan. 26 – Double Dragon Corp.’s DDPC Worldwide Pte. Ltd. is soliciting consents for its $75 million 7¼% senior guaranteed notes due 2025 (ISIN: XS2207972790), according to an announcement.

The main purpose of the consent solicitation is to align the definition of “guarantee event” with the timing of regulatory approval of the guarantor’s articles of incorporation.

The guarantor’s board of directors approved the amendment to articles on April 14. 2021, and shareholders ratified the amendment on July 30, 2021. However, the amendment was approved by the Philippine Securities and Exchange Commission on Nov. 18 2021, which may be interpreted to having resulted in a “guarantee event,” under which holders may put the bonds at 101 plus accrued interest.

UBS AG Singapore Branch (+65 6495 8623) is the solicitation agent.

Morrow Sodali is the information and tabulation agent (+852 2319 4130, +44 20 4513 6933, doubledragon@investor.morrowsodali.com, https://bonds.morrowsodali.com/csc)

The real estate development company is based in Makati, Metro Manila, Philippines.

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