Jollibee restructures Smashburger’s USD80 million debt

March 14, 2018

Philippine fast food giant Jollibee Foods Corporation (JFC) is planning to refinance Smashburger’s USD80 million maturing debt stock. JFC is expected to take over the Denver, Colorado-based gourmet hamburger chain in a month or two as it is also increasing its stake to 85% from 40%. In a disclosure to the Philippine Stock Exchange on March 8, JFC said one of its priorities upon the takeover is to change Smashburger’s debt structure to significantly reduce its financing cost for an USD80 million loan and enable the business to make more investments for long term growth.