Philippines’ Jollibee Foods offers cash for perpetual securities

Chicago, Oct. 4 – Jollibee Worldwide Pte. Ltd., a wholly owned subsidiary of Jollibee Foods Corp., started a cash tender offer for up to $250 million of its $600 million guaranteed senior perpetual capital securities (ISIN: XS2099563228), according to an offer notice.

Jollibee is offering $1,016.25 per $1,000 note for holders who tender by the early deadline. Holders who tender their notes after the early deadline will only receive par.

Investors will also receive accrued distributions to the relevant settlement date.

The tender offer is conditioned upon the sale of 12 million cumulative non-voting non-participating non-convertible redeemable peso-denominated perpetual preferred shares and the settlement of a loan that Jollibee Foods will extend to Jollibee Worldwide to fund the tender offer.

Tenders may be subject to proration.

The early tender time is 11 a.m. ET on Oct. 18, also the withdrawal deadline.

The early settlement date is Oct. 21.

The offer expires at 11 a.m. ET on Nov. 3.

Settlement is planned for Nov. 8.

Australia and New Zealand Banking Group Ltd. (+65 6708 0311), BPI Capital Corp. (fax: +632 8246 6004), Citigroup Global Markets Ltd. (+44 20 7986 9050, liabilitymanagement.asia@citi.com) and Credit Suisse (Hong Kong) Ltd. (fax: +852 2284 7184).

Morrow Sodali Ltd. is the information and tender agent (+44 20 4513 6933, +852 2319 4130, jollibee@investor.morrowsodali.com, https://bonds.morrowsodali.com/jollibee).

The multinational chain of fast-food restaurants is based in Pasig, Philippines.

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