Jollibee looking at offshore capital market for precautionary funds vs. COVID-19

The Jollibee Group is now contemplating offering another offshore securities issuance as a precautionary measure for unforeseen events that may be caused by the coronavirus pandemic.

In a regulatory filing, Jollibee Foods Corp. said its subsidiary Jollibee Worldwide Pte. Ltd. has already mandated managers to arrange a series of investor calls.

Citigroup, Goldman Sachs, J.P Morgan, and Morgan Stanley were tasked as joint global coordinators. The same group, along with BPI Capital Corporation, Credit Suisse, and UBS, were tasked as joint lead managers and joint bookrunners for the investor calls.

The fixed income investor calls start on June 17, which may be followed by a Reg S only dollar-denominated guaranteed senior unsecured securities offering, subject to market conditions.

"Proceeds from the contemplated 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 Group," the disclosure read.

According to the Jollibee Group, it currently has "sufficient" liquidity and cash of P26.5 billion ($522.3 million) as of end-March to support operations on a continuing basis and meet obligations.

To recall, JFC made its debut on the offshore capital market in January when it raised $600 million from the issuance of perpetual securities.

The proceeds were allocated for Jollibee Worldwide to refinance short-term debt spent on the acquisition of The Coffee Bean & Tea Leaf brand.—AOL, GMA News