Jollibee to buy back US$250m in offshore notes

The tender will close on November 3.

Jollibee Foods Corporation has offered to buy back US$250 million worth of bonds to strengthen its balance sheet.

In a statement to the Philippine Stock Exchange, the company said its subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) had launched a tender offer for up to $250 million of its $600-million guaranteed senior perpetual capital securities issued in January 2020, which are listed on the Singapore Exchange.

The bonds helped Jollibee refinance the short-term loans utilised to acquire Coffee Bean & Tea Leaf in September 2019.

The tender will close on November 3.

“Once the issuance of the preferred shares and the partial buyback of the guaranteed senior perpetual capital securities are completed along with other actions related to financing and financial management by December 2021, JFC expects to have fewer debt obligations, more distributed financial maturities over the next few years, lower foreign exchange risks and better leverage and debt servicing ratios,” the company said.

This year, Jollibee plans to open 450 new stores across various restaurant brands.

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