OAKVILLE, ON, May 3, 2017 /CNW/ - Restaurant Brands
International Inc. ("RBI") (TSX/NYSE: QSR, TSX: QSP) and 1011778
B.C. Unlimited Liability Company (the "Issuer") and New Red
Finance, Inc. (the "Co-Issuer" and, together with the Issuer, the
"Issuers") announced today that the Issuers priced their previously
announced offering of 4.250% First Lien Senior Secured Notes due
2024 (the "2017 Senior Notes") and upsized the offering of the 2017
Senior Notes from an aggregate principal amount of $1,000 million to $1,500 million. The 2017 Senior
Notes will have a maturity date of May 15,
2024. The Issuers also announced an incremental borrowing of
$250 million in aggregate principal
amount under the existing First Lien Term Loan Facility (the
"Incremental Facility"), compared to the previously announced
intention to borrow $500 million in
aggregate principal amount. The close and funding of the 2017
Senior Notes and the Incremental Facility are expected to be
completed on or about May 17, 2017,
subject to customary closing conditions.
The 2017 Senior Notes were priced at 100.000% of their face
value. The 2017 Senior Notes will be first lien senior secured
obligations of the Issuers guaranteed on a senior secured basis by
each of the subsidiaries that guarantee the Issuers' obligations
under the senior secured First Lien Term Loan Facility.
As previously announced, RBI expects to use the proceeds from
the offering of the 2017 Senior Notes and from the Incremental
Facility, together with other sources of liquidity, to redeem all
or a portion of RBI's outstanding 9.00% Class A Cumulative
Compounding Redeemable Preferred Shares, for general corporate
purposes and to pay fees and expenses related to this offering.
The 2017 Senior Notes and the related guarantees have not been
and will not be registered under the Securities Act of 1933, as
amended (the "Securities Act"), and may not be offered or sold in
the U.S. absent registration or an applicable exemption from the
registration requirements under the Securities Act and applicable
state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Restaurant Brands International
Restaurant Brands International Inc. is one of the world's
largest quick service restaurant companies with more than
$27 billion in system-wide sales and
over 23,000 restaurants in more than 100 countries and U.S.
territories. RBI owns three of the world's most prominent and
iconic quick service restaurant brands – TIM HORTONS®, BURGER
KING®, and POPEYES®. These independently operated brands have been
serving their respective guests, franchisees and communities for
over 40 years. To learn more about RBI, please visit the company's
website at www.rbi.com.
Forward-Looking Statements
This press release includes forward-looking statements, which
are often identified by the words "may," "might," "believes,"
"thinks," "anticipates," "plans," "expects," "intends" or similar
expressions and reflect management's expectations regarding future
events and operating performance and speak only as of the date
hereof. These forward-looking statements include statements about
RBI's and the Issuers' expectations and beliefs regarding their
ability to increase borrowings under the existing First Lien Term
Loan Facility and complete the proposed 2017 Senior Notes offering
on terms acceptable to RBI and the Issuers or at all. The factors
that could cause actual results to differ materially from RBI's
expectations are detailed in filings of RBI with the U.S.
Securities and Exchange Commission and on SEDAR in Canada, such as its annual and quarterly
reports and current reports on Form 8-K, and include the following:
risks related to RBI's substantial indebtedness, which could
adversely affect its financial condition and prevent it from
fulfilling its obligations. RBI undertakes no obligation to update
forward-looking statements to reflect events or circumstances after
the date hereof.
SOURCE Restaurant Brands International Inc.