Jollibee raising fresh funds via dollar notes

MANILA, Philippines — Jollibee Foods Corp. (JFC) is raising fresh funds from a potential offering of dollar-denominated senior unsecured guaranteed notes to refinance debt.

In a stock exchange filing, JFC said that wholly owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) has tapped several banks to arrange a series of fixed-income investor meetings starting yesterday.

The company said that a Regulation S only five-year US dollar-denominated senior unsecured guaranteed notes offering may follow, subject to market conditions.

“Proceeds from the contemplated offering are intended for the issuer’s general corporate purposes and/or refinancing of its existing borrowings,” JFC said.

JWPL has mandated JP Morgan Securities Asia Private Ltd and Morgan Stanley Asia (Singapore) Pte. as joint global coordinators and joint bookrunners of the potential offering.

It also selected BPI Capital Corp. and The Hong Kong and Shanghai Banking Corp. Ltd., Singapore Branch as the joint lead managers and joint bookrunners.

The Jollibee Group plans to spend between P18 billion and P21 billion this year to open 700 to 800 stores across brands and regions.

It expects to deliver an eight to 12-percent growth in system wide sales for 2025, with four to six percent growth in same store sales and store network growth of four to eight percent.

Operating profit growth is targeted to be in the range of 10 percent to 15 percent this year.

As of end-2024, the Jollibee Group’s store network stood at 9,766 composed of 3,382 in the Philippines and 6,384 abroad.

Its international network consists of 580 stores in China, 369 in North America, 388 in EMEA, 850 with Highlands Coffee mainly in Vietnam, 1,232 with CBTL, 336 with Milksha and 2,629 with Compose Coffee in South Korea.