Restaurant Brands International Inc. (RBI) has announced the launch of a $500 million first lien senior secured notes offering. The purpose of this offering is to redeem in full the issuer's outstanding 5.750% first lien senior secured notes due 2025 and pay related fees and expenses.
The notes being offered will be due in 2029 and will represent first lien senior secured obligations of the issuers. They will be guaranteed fully and unconditionally, and jointly and severally, on a first lien 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.
RBI expects to use the proceeds from the offering, along with cash on hand, to redeem $500 million in aggregate principal amount of the 2025 notes. This press release does not constitute a notice of redemption with respect to the 2025 notes.
The notes will be offered to qualified institutional buyers pursuant to rule 144a under the Securities Act of 1933 and outside the U.S. pursuant to regulation s under the Securities Act.
As of the most recent reporting period, RBI is one of the world's largest quick-service restaurant companies with over $40 billion in annual system-wide sales and operates over 30,000 restaurants in more than 120 countries and territories. RBI owns four prominent and iconic quick-service restaurant brands, including Tim Hortons, Burger King, Popeyes, and Firehouse Subs. Through its "Restaurant Brands for Good" framework, RBI is focused on improving sustainable outcomes related to its food, the planet, and people and communities. Today the company's shares have moved 0.4% to a price of $68.7. For the full picture, make sure to review Restaurant Brands International's 8-K report.
