Jollibee Foods to raise capital to fund loans used to purchase CBTL
Jollibee Foods Corporation (JFC) is now raising funds to pay the loans it used to acquire Coffee Bean & Tea Leaf (CBTL).
A report in Manila Bulletin showed that JFC may issue fixed income securities through wholly owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL).
JWPL particularly tapped Citigroup Global Markets Singapore Pte. Ltd. and J.P. Morgan (S.E.A.) Limited as Joint Global Coordinators for this planned issuance.
Citigroup, Credit Suisse, J.P. Morgan, and Mizuho Securities were also named as Joint Lead Managers and Joint Bookrunners.
“Proceeds from the contemplated offering are intended primarily to refinance the short-term debt from the acquisition of International Coffee and Tea, LLC (The Coffee Bean & Tea Leaf), completed on September 24, 2019, as well as fund initiatives aligned with Issuer’s general corporate purposes,” JFC said in the report.
Jollibee bought 100 percent of CBTL, based in Los Angeles, California, USA for US$350 million.