Restaurant Brands closed a new term loan facility in an aggregate principal amount of $750 million and amended its existing revolving credit facility to provide for up to $1 billion of revolving extension of credit outstanding at any time.
The amended facility includes a $125 million letter of credit sublimit and extends the maturity date to 2024. The proceeds from the offering of the 2019 senior notes and from the new term loan facility, together with cash on hand, are expected to be used to redeem all of the issuers’ outstanding $1,250 million aggregate principal amount of 4.625% first lien senior secured notes due 2022 and to pay related fees and expenses.
According to a related 8-K filing, JPMorgan is serving as administrative agent for the transaction. JPMCB, Morgan Stanley Senior Funding Wells Fargo Securities, Barclays Bank and Royal Bank of Canada are acting as joint lead arrangers and joint bookrunners. MSSF, WF Securities, RBC and Barclays are acting as co-syndication agents, and BofA Securities, Bank of Montreal, Rabobank New York Branch, HSBC Bank USA, MUFG Bank, BNP Paribas acting through its Canada Branch, Capital One, Citibank, Fifth Third Bank, Goldman Sachs Bank USA, SunTrust and Scotiabank are acting as co-documentation agents for the revolver.
Restaurant Brands owns three of the world’s most prominent and iconic quick service restaurant brands – Tim Hortons, Burger King, and Popeyes.
