TORONTO - Restaurant Brands International Inc. (TSX: NYSE:QSR) (NYSE: QSR) (TSX: QSP) and its affiliates have initiated an offering of $500 million in First Lien Senior Secured Notes due in 2029, the company announced today. The proceeds from the sale, along with available cash, are intended to redeem the outstanding 5.750% First Lien Senior Secured Notes due 2025, with an aggregate principal amount of $500 million.
The newly offered Notes will serve as senior secured obligations of the issuing entities, backed by guarantees from Restaurant Brands International Limited Partnership and its wholly-owned subsidiaries. These guarantees also support the issuers' obligations under their existing senior credit facilities.
Targeted towards qualified institutional buyers in the U.S. and international investors under Regulation S, these Notes and their guarantees will not be registered under the Securities Act of 1933 and, therefore, cannot be offered or sold within the U.S. without an applicable exemption from registration requirements.
Restaurant Brands International is a major player in the quick-service restaurant industry, with more than $40 billion in annual sales and over 30,000 restaurants across over 120 countries. The company's portfolio includes well-known brands such as TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®.
This announcement contains forward-looking statements related to the anticipated issuance of the Notes and the intended use of the proceeds. The actual outcomes may differ due to various factors, including economic conditions and changes in market interest rates and foreign currency exchange rates. These risks are further outlined in RBI's filings with the U.S. Securities and Exchange Commission and on SEDAR+ in Canada.
The information in this article is based on a press release statement.
In other recent news, Restaurant Brands International Inc. (RBI) has made a significant strategic move in the Chinese market with the acquisition of Popeyes China and a co-investment in Tims China. The company's total investment in these initiatives is capped at $45 million. RBI acquired Popeyes China from TH International Limited, also known as Tims China, for an enterprise value of $15 million. Since its launch in August 2023, Popeyes China has established 14 restaurants in Shanghai, and RBI plans to expand this chain's presence through further investment.
In addition, RBI and Cartesian Capital have agreed to a capital infusion into Tims China through three-year convertible notes totaling up to $50 million, with RBI contributing up to $30 million. This investment will allow RBI to appoint two directors to the Tims China Board and potentially increase its equity ownership to up to 18% on a converted basis. These recent developments underline RBI's commitment to expansion in the Asia-Pacific region, as indicated by the recent appointment of Patrick Siewert as Senior Advisor for Asia-Pacific. The company, with over $40 billion in annual system-wide sales, operates more than 30,000 restaurants worldwide across four brands.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.