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McDonald’s announces bond to support growth in China
McDonald’s Corporation has placed Renminbi (RMB)-denominated bonds in a private placement to institutional and professional investors in Hong Kong.
The aggregate principal amount of the bonds is RMB 200m. The bonds will accrue interest at a rate of 3.00% per annum and mature in three years.
The funds will provide working capital to support the growth of McDonald’s in China, including the opening of new restaurants.
Timothy Fenton, president of McDonald’s APMEA (Asia/Pacific, Middle East and Africa) said that this announcement is another sign of the company’s confidence in its long-term growth opportunities for China.
“We’re pleased and honoured that McDonald’s is set to become the first issuer of RMB-denominated bonds by a multinational company,” said Fenton. “China is the fastest-growing market for McDonald’s worldwide in terms of new restaurant openings.”
Commenting on McDonald’s operations in China, Kenneth Chan, CEO of McDonald’s China, said: “We’re excited and confident about our continued business growth in China.”
McDonald’s plans to continue investing in China by opening new restaurants, reimagining existing restaurants and rolling out convenience initiatives. This year, McDonald’s plans to open between 150–175 restaurants in China.
McDonald’s has opened more than 1,100 stores in mainland China since the first restaurant opened on 8 October 1990 in Shenzhen. McDonald’s now has more than 60,000 employees in China.
Source: McDonald’s
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