Restaurant Brands International Inc. has announced the launch of a first lien senior secured notes offering, with the aim of raising $1,000 million in aggregate principal amount of first lien senior secured notes due 2029. The company expects to utilize the net proceeds to refinance a portion of its existing term loan B facility and pay related fees and expenses, with any remaining amount to be allocated towards general corporate purposes.
The notes, which will be first lien senior secured obligations of the issuers, are guaranteed fully and unconditionally, and jointly and severally, on a senior secured basis by Restaurant Brands International Limited Partnership and each of its wholly-owned subsidiaries that also guarantee the issuers' obligations under the existing senior secured credit facilities.
This offering will be extended to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and outside the U.S. pursuant to Regulation S under the Securities Act. It's important to note that the notes and related guarantees have not been registered under the Securities Act and may not be offered or sold in the U.S. without registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws.
In terms of the company's financial standing, Restaurant Brands International Inc. is one of the world's largest quick-service restaurant companies, boasting over $40 billion in annual system-wide sales and operating in more than 120 countries and territories. The company currently owns four prominent quick-service restaurant brands: Tim Hortons®, Burger King®, Popeyes®, and Firehouse Subs®. These brands collectively operate over 30,000 restaurants globally.
It's worth noting that through its "Restaurant Brands for Good" framework, the company is actively working to enhance sustainable outcomes related to its food, the planet, and people and communities. Following these announcements, the company's shares moved -3.3%, and are now trading at a price of $68.74. If you want to know more, read the company's complete 8-K report here.
