Fastfood chain operator Jollibee Foods Corp. (JFC) said Monday it plans to raise up to P8 billion from preferred shares offering to repay debt and finance expansion plans.
JFC said in a disclosure to the stock exchange its board of directors approved the issuance of 5 million preferred shares, with an oversubscription option for another 3 million preferred at P1,000 apiece.
The dividend rate and other terms of the planned offering will be determined at the time of pricing.
“JFC is undertaking this funding transaction to maintain strong capital structure, robust leverage position and optimize liquidity by managing maturities of financial obligations,” Jollibee said.
“A portion of the net proceeds from the offering will be used to refinance financial obligations including JFC’s callable Series A preferred shares which is due in October 2024 and for other general business purposes,” it said.
