Jollibee Worldwide Pte. Ltd. (JWPL), a wholly owned subsidiary of Jollibee Foods Corp. (JFC), is planning a Regulation S only five-year US dollar-denominated senior unsecured guaranteed notes offering to refinance debts.

In a disclosure to the Philippine Stock Exchange, the firm named J.P. Morgan Securities Asia Pte. Ltd. and Morgan Stanley Asia (Singapore) Pte. as joint global coordinators and joint bookrunners of the planned offering.

Jollibee has also tapped BPI Capital Corp. and The Hongkong and Shanghai Banking Corp. Ltd. (HSBC) Singapore branch to be joint lead managers and joint bookrunners.

The four institutions have been mandated by Jollibee to arrange a series of fixed-income investor meetings commencing on March 24, 2025. The notes offering may follow, subject to market conditions.

“Proceeds from the contemplated offering are intended for the issuer’s general corporate purposes and/or refinancing of its existing borrowings,” Jollibee said.

JFC, one of the largest Asian food service companies, is allotting ₱18 billion to ₱21 billion for capital expenditures (capex) this year as it reported a 17.7 percent growth in attributable net income to ₱10.3 billion last year from ₱8.77 billion in 2023 despite a drop in fourth-quarter earnings.

According to Jollibee Group Chief Financial and Risk Officer Richard Shin, the group plans to open a gross of 700 to 800 stores across brands and regions.

“We expect to deliver an eight percent to 12 percent growth in system-wide sales in 2025, with four percent to six percent growth in same-store sales and store-network growth of four percent to eight percent. Operating profit growth will be in the range of 10 percent to 15 percent,” he added.

At the end of December 2024, the Jollibee Group’s store network increased by 41.8 percent to 9,766 compared to a year ago: 3,382 in the Philippines and 6,384 international stores—580 in China, 369 in North America, 388 in Europe, the Middle East, and Africa (EMEA), 850 with Highlands Coffee mainly in Vietnam, 1,232 with The Coffee Bean & Tea Leaf (CBTL), 336 with Milksha, and 2,629 with Compose Coffee in South Korea.

JFC said its net income for the fourth quarter declined by 4.8 percent to ₱1.85 billion from ₱1.94 billion, mainly due to the Jollibee Group’s share in net losses of certain joint ventures.

Additionally, other income for the quarter decreased by ₱341.1 million, primarily due to the mark-to-market gain on financial assets, which declined by about 10 times. This decline resulted from the redemption of a significant portion of the investment in bond funds of JWPL to help finance its Compose Coffee acquisition.

Jollibee Group Chief Executive Officer Ernesto Tanmantiong said, “The Jollibee Group achieved ₱390.3 billion of system-wide sales, a 13 percent year-over-year growth, in line with guidance.”

“I am particularly pleased with the continued consistent execution of the Jollibee brand, which grew system-wide sales by 14 percent globally. The Jollibee Philippine business grew by 11.4 percent driven by a 7.9 percent same-store sales growth.

“Jollibee International delivered a 22 percent year-over-year growth, with strong same-store sales growth across markets—Vietnam 16.8 percent, EMEA ex-Vietnam 11.6 percent, North America 8.1 percent, and China (Hong Kong and Macau) 13.2 percent,” he added.

Tanmantiong noted that, “These results demonstrate the strength of the Jollibee brand and how well-positioned it is to win with global consumers.”