JOLLIBEE FOODS Corp. (JFC) plans to issue US dollar-denominated bonds to raise funds for its growth plans and debt reduction.
In a stock exchange filing on Monday, JFC, through its wholly owned subsidiary Jollibee Worldwide Pte. Ltd., appointed J.P. Morgan Securities Asia Pte. Ltd. and Morgan Stanley Asia Pte. as joint global coordinators and bookrunners for the planned issuance.
JFC also engaged BPI Capital Corp. and Hongkong and Shanghai Banking Corp. Ltd. (HSBC) Singapore branch as joint lead managers and bookrunners.
“Proceeds from the contemplated offering are intended for the issuer’s general corporate purposes and/or refinancing of its existing borrowings,” JFC said.
These institutions will arrange a series of fixed-income investor meetings on March 24 for JFC’s Regulation S five-year US dollar-denominated senior unsecured guaranteed notes issuance, subject to market conditions.
A Regulation S issuance refers to securities offered outside the United States that are not registered under the US Securities Act or any US state securities laws, the company said.
For 2024, JFC earmarked P18 billion to P21 billion for capital expenditures to support its target of opening up to 800 new stores worldwide.
As of end-September 2023, JFC expanded its store network by 42.8% to 9,598 locations, comprising 3,340 stores in the Philippines and 6,258 overseas.
JFC operates 568 stores in China, 381 in North America, and 362 across Europe, the Middle East, Africa, and Asia. It also has 815 under Highlands Coffee, 1,219 under The Coffee Bean & Tea Leaf, 333 under Milksha, and 2,580 under Compose Coffee.
At the stock exchange on Monday, JFC shares gained P2, or 0.84%, closing at P240 apiece. — Ashley Erika O. Jose
