Acting as sole international counsel, Milbank, Tweed, Hadley & McCloy LLP advised the international bookrunners and lead managers and the domestic lead underwriters and bookrunners in connection with the follow-on offering by Philippine property developer DoubleDragon Properties Corp. 

The offering comprised a firm offer of 135 million primary offer shares with an over-allotment option of up to an additional 15 million shares. The offer shares were listed on the Philippine Stock Exchange on July 13, 2018. The offering's proceeds are expected to finance the expansion of DoubleDragon's industrial leasing and hospitality of businesses. DoubleDragon aims to build 100,000 square meters of leasable industrial warehouse space in Luzon, Visayas and Mindanao, as well as expand its number of hotel rooms to 5,000 by 2020.

Milbank represented Credit Suisse (Singapore) Limited, Maybank Kim Eng Securities Pte. Ltd. and UBS AG, Singapore Branch as international bookrunners and lead managers; and BPI Capital Corporation and Maybank ATR Kim Eng Capital Partners, Inc. as domestic lead underwriters and bookrunners.

The Milbank team was led by Hong Kong Capital Markets partner James Grandolfo, with associates Kurtis Sherwood and Cesareo Singzon.

Mr. Grandolfo said: "We are incredibly pleased to have played a role in this transaction, particularly given the challenging market conditions under which the follow-on offering was launched and completed. This success of the offering highlights Milbank's capital markets unparalleled ability to execute complex transactions that have tremendous impact on the development of growing corporates such as DoubleDragon. We look forward to working with clients in the Philippines as they continue to continue to expand throughout the Philippines and beyond."

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