Jollibee Foods Corp., the largest Philippine restaurant operator, is reducing its debt and funding costs by selling preferred shares and buying back some of its dollar-dominated perpetual bonds.
Jollibee said it will issue up to 12 billion pesos equivalent to $250 million by selling as much as 12 million preferred shares, including oversubscription at 1,000 pesos each. It intends to repurchase up to $250 million of perpetual bonds that it issued last year to finance its international expansion.
In a statement to the Philippine stock exchange, the company said the share is part of the plan “to restructure its financial obligations in order to strengthen its balance sheet, spread the maturity of its financial obligations and reduce its foreign exchange risks.”
“This is also part of its action steps to reduce its debt and financing cost as its businesses in different parts of the world recover from the severe impact of the pandemic,” the company added.
Jollibee suffered an annual net loss of 11.5 billion pesos in 2020. The company returned to the black in the fourth quarter and reported a net profit of 153 million pesos in the first quarter.
Overseas outlets accounted for 41% of total sales in the first quarter, the company said.
Jollibee CEO Ernesto Tanmantiong said it is planning to open 450 outlets overseas this year.

フィリピン最大のレストラン運営会社であるJollibee Foods Corp.は、優先株の売却とドル建て永久債の一部を買い戻すことで、負債と資金調達コストを削減しています。
同社はフィリピン証券取引所への声明の中で、今回の株式取得は、”バランスシートの強化、金融債務の満期分散、為替リスクの低減を目的とした金融債務の再構築 “計画の一環であると述べています。
JollibeeのCEOであるErnesto Tanmantiong氏は、今年は海外に450店舗のアウトレットをオープンする予定であると述べています。