Jollibee says it raised P3.9B for capex, acquisitions abroad

Fastfood heavyweight Jollibee Foods Corp. has raised P3.9 billion to fund its capital expenditures and acquisitions abroad, the company told the Philippine Stock Exchange on Tuesday. In a statement, JFC said it entered into an agreement with The Bank of Tokyo - Mitsubishi UFC Ltd. to borrow P900 million to be paid in a year from the drawdown date at a fixed interest yield. Meanwhile, its wholly owned subsidiary, Jollibee Worldwide Pte. Ltd., also entered into loan agreements with Citibank, N.A. and The Bank of Tokyo - Mitsubishi UFC Ltd. (Singapore) for $40 million and $30 million, respectively. The dollar loans will be payable in three years from drawdown at fixed interest rates. "The capital expenditures include new store openings, existing store renovations, the construction of its logistics center in Metro Manila and the construction of its commissary in Shucheng County, Anhui Province, People's Republic of China," the company said. The new loans will bring Jollibee Groups' total debt to P8.1 billion. Earlier loans were used to buy Hongzhuangyuan Business in China in 2008, and 70 percent of Mang Inasal last November. — CMA/ VS, GMA News