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Stock impact report

Jollibee To Buy Back $250 Million In Debt As Business Rebounds From Pandemic [Forbes]

JOLLIBEE FOODS UNSP/ADR (JBFCY) 
NASDAQ:AMEX Investor Relations: jollibee.com.ph/investors
Company Research Source: Forbes
Tony Tan Caktiong, chairman of Jollibee Foods Corp., gestures as he speaks during the Hong Kong... [+]Asian Financial Forum (AFF) in Hong Kong, China, on January 19, 2015.© 2015 Bloomberg Finance LPThe Philippines’ largest fast food chain,Jollibee Food Corp.To refinance the debt, Jollibee said it will raise as much as 12 billion pesos ($250 million) through the sale of up to 12 million preferred shares, including oversubscription, at 1,000 pesos each. The share sale is subject to shareholder and regulatory approvals.The share sale is part of Jollibee’s 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,” the company said in a statement to the Philippine stock exchange. “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.”Proceeds from the pre Show less Read more
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