Restaurant Brands International Inc. (RBI) has announced significant developments in its ownership structure and equity offerings. The company has received an exchange notice from HL1 17 LP, an affiliate of 3G Capital Partners Ltd., to exchange 17,626,570 class B exchangeable limited partnership units for common shares of RBI. This exchange will not change the aggregate number of exchangeable units and RBI common shares. Additionally, the selling shareholder has initiated a secondary offering of up to 17,626,570 common shares.
In connection with the forward sale agreement, BofA Securities is expected to borrow and sell 9,785,784 common shares in the offering, with the potential to sell up to 7,840,786 additional common shares if certain current investors complete their purchase. The settlement of the forward sale agreement and the exchange is expected to occur on or before December 3, 2025.
RBI will not sell any common shares in the offering and will not receive any proceeds from the sale of the common shares. BofA Securities will serve as the sole book-running manager in the offering, which is being made pursuant to an effective shelf registration statement filed with the U.S. Securities & Exchange Commission.
RBI's ownership structure and equity offerings reflect the company's ongoing financial activities and strategic initiatives. The developments indicate a potential shift in the company's ownership landscape and may impact its overall capital structure and shareholder composition. As a result of these announcements, the company's shares have moved -2.46% on the market, and are now trading at a price of $68.68. Check out the company's full 8-K submission here.
