Restaurant Brands International Announces Exchange Notice and Public Offering

By Tamara Parker • Monday, November 17 06:00 • Permanent Link

Restaurant Brands International Inc. (RBI) has announced that it 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 of RBI LP. RBI LP intends to satisfy this notice with the delivery of an equal number of common shares of RBI. This will not change the aggregate number of exchangeable units and RBI common shares.

In addition, the selling shareholder has commenced an underwritten registered public offering of up to 17,626,570 common shares. The selling shareholder expects to enter into a forward sale agreement with BofA Securities with respect to up to 17,626,570 common shares. The selling shareholder is expected to physically settle the forward sale agreement by delivering the number of common shares sold in the registered public offering. RBI will not sell any common shares in the offering and will not receive any proceeds from the sale of the common shares.

RBI is one of the world's largest quick-service restaurant companies with over $45 billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries and territories. RBI owns four prominent quick-service restaurant brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs.

This announcement comes as RBI continues to expand its presence in the global quick-service restaurant industry, and it will be interesting to see the impact of these changes on the company's financial performance in the coming periods. Today the company's shares have moved -2.46% to a price of $68.68. If you want to know more, read the company's complete 8-K report here.

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