JFC unit to redeem $250 million in perpetual debt listed on the Singapore Exchange

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Jollibee Worldwide Pte. Ltd. (JWPL), a fully owned subsidiary of JOLLIBEE Foods Corp. (JFC), is purchasing back up to $250 million in guaranteed senior perpetual notes as part of JFC’s efforts to “strengthen its financial sheet.”

The guaranteed senior perpetual securities are part of the $600-million securities offered by JWPL on the Singapore Exchange Securities Trading Ltd in January of last year (SGX-ST).

The revenues from JFC’s preferred share offering, which will consist of the selling of 12 million Series A and Series B preferred shares for up to P1,000 apiece, would be used to partly finance the tender offer. This is the first tranche of shares from JFC’s 20 million shelf-listed preference shares.

JFC said that it “expects to have fewer debt obligations, more dispersed financial maturities in the coming years, reduced foreign currency risks, and better leverage and debt payment ratios.”

The tender offer and the issuing of preferred shares this year are seen as critical to the company’s ambitions for retail expansions in 2022.

“All of these measures will help JFC retain its capacity to fund profitable expansion, which is expected to accelerate in the next months and years,” the firm said.

JFC said in a separate statement on Tuesday that it opened 11 Jollibee locations across Europe, the Middle East, and Asia in the first half of the year. It plans to establish more locations in the following months.

The new shops include two in the United Kingdom (UK) and the company’s first in Madrid, Spain. Jollibee plans to open 50 shops in Europe over the next five years, with an emphasis on the United Kingdom, Italy, and Spain.

Jollibee launched new outlets in Qatar’s capital, Doha, in the Villaggio Mall and the City Center Mall. Meanwhile, Jollibee established a new shop in Saudi Arabia in the Riyadh Gallery Mall.

Jollibee has launched two new shops in Hong Kong, one in Causeway Bay and the other on Wanchai Road.

“As many areas of the globe continue to open up, particularly in Europe, the Middle East, Asia, and Australia [or the EMEAA region], consumers seek new and unique opportunities to connect with family and friends,” said Dennis M. Flores, president of JFC for EMEAA.

“We are pleased that customers in these areas have embraced Jollibee with open arms,” he said.

JFC said that it aspires to be a “big player” in the EMEAA quick-service sector.

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