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Jollibee issuing $600M bonds

12:50 PM June 19, 2020

Jollibee store crew

Fast-food giant Jollibee Foods Corp. has boosted its coronavirus (COVID-19) war chest by $600 million with the issuance of offshore bonds.

Through wholly-owned unit, Jollibee Worldwide Pte. Ltd. (JWPL), Jollibee is raising fresh funds through the issuance of 5.5- and 10-year bonds.

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A $300-million 5.5-year issuance was priced to yield 4.125 percent per annum while the $300-million 10-year bonds carried a coupon rate of 4.75 percent, both payable semi-annually.

As earlier disclosed, proceeds from the offering will be used for general corporate purposes, “intended as a precautionary measure from unforeseen eventualities that may be caused by the COVID-19 pandemic, as well as fund initiatives of the JFC and its group of companies.”

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The bonds are “Regulation S” only US dollar-denominated guaranteed senior notes. Regulation S securities refer to bonds or stocks that may not be offered, sold or delivered within the U.S.

This offering represents the second international capital markets transaction from Jollibee, following the issuance of its $600 million senior perpetual capital securities in January 2020.

This bond deal also represents the third time that JFC has tapped the capital markets since its initial public offering in 1993.

The notes are unrated and will be listed on the Singapore Exchange Securities Trading Ltd.

Citigroup, Goldman Sachs, J.P. Morgan, and Morgan Stanley acted as joint global coordinators, and Citigroup, Goldman Sachs, J.P. Morgan, Morgan Stanley, BPI Capital Corp., Credit Suisse and UBS acted as joint lead managers and joint bookrunners.

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TAGS: Citigroup, Goldman Sachs, J.P. Morgan, JFC, Jollibee Foods Corp., Morgan Stanley, Reg S
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