Philippine fast-food company Jollibee has launched a tender offer for its $600mn 3.9% perpetuals callable in 2025. The company will buy back up to $250mn worth of the perps at a price of $101.625 per $100 in principal plus accrued interest for bonds tendered by the early deadline of October 18. Bonds tendered after that date up to November 3 will be bought back at a lower price at par. Jollibee plans to fund the buyback via an onshore preference share issuance worth PHP 8bn ($158mn) with an oversubscription option of PHP 4bn ($79mn), as per IFR. Bondholders that tender the bonds by the early deadline will receive a 0.86 point premium as the 3.9% perps are currently trading at 100.763 on secondary.
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