Jollibee to Manage Debt as Overseas Sales Reach Pre-Covid Level

Jollibee Foods Corp., the largest Philippine restaurant operator, is cutting its debt and financing costs by selling preferred shares and buying back some of its dollar debts as its businesses recover from the pandemic.

Jollibee will issue as much as 12 billion pesos ($250 million) of preferred shares including oversubscription, and will repurchase as much as $250 million of perpetual bonds this year. It will also reduce its bank loans, the company said in a stock exchange filing, as it seeks to strengthen its balance sheet, spread debt maturity and lower foreign exchange risks.