TORONTO, Sept. 12, 2023 /PRNewswire/ – Restaurant Brands International Inc. (“RBI”) (TSX: QSR) (NYSE: QSR), 1011778 B.C. Unlimited Liability Company (the “Borrower”) and New Red Finance, Inc. (the “Co-Borrower” and, together with the Borrower, the “Borrowers”) announced today that the Borrowers intend to enter into an amendment to their existing senior secured credit facilities pursuant to which they expect to, among other things, (i) extend the maturity of the existing $1,234 million aggregate principal amount of Term Loan A credit facility to September 2028, (ii) extend the maturity of the existing $5,163 million aggregate principal amount of Term Loan B credit facility to September 2030 at an expected spread over SOFR of 225 basis points and (iii) amend the existing Revolving Credit Facility to increase the availability from $1,000 million to $1,250 million of revolving extension of credit outstanding at any time and extend the maturity of the facility to September 2028; and to make other changes in connection therewith. The agreement is expected to close in the coming weeks subject to satisfaction of customary closing conditions.
About Restaurant Brands International
Restaurant Brands International Inc. is one of the world’s largest quick service restaurant companies with over $40 billion in annual system-wide sales and over 30,000 restaurants in more than 100 countries. RBI owns four of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.
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 expectations regarding the potential amendments to the credit facilities. 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, risks related to adverse economic and industry conditions and risks related to unforeseen events, such as adverse weather conditions, natural disasters, terrorist attacks or threats, pandemics, including coronavirus (COVID-19), the war in Ukraine or other catastrophic events, all of which could adversely affect its financial condition and prevent it from fulfilling its obligations. Other than as required under U.S. federal securities laws or Canadian securities laws, RBI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
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SOURCE Restaurant Brands International Inc.
TORONTO, Sept. 12, 2023 /PRNewswire/ – Restaurant Brands International Inc. (“RBI”) (TSX: QSR) (NYSE: QSR), 1011778 B.C. Unlimited Liability Company (the “Borrower”) and New Red Finance, Inc. (the “Co-Borrower” and, together with the Borrower, the “Borrowers”) announced today that the Borrowers intend to enter into an amendment to their existing senior secured credit facilities pursuant to which they expect to, among other things, (i) extend the maturity of the existing $1,234 million aggregate principal amount of Term Loan A credit facility to September 2028, (ii) extend the maturity of the existing $5,163 million aggregate principal amount of Term Loan B credit facility to September 2030 at an expected spread over SOFR of 225 basis points and (iii) amend the existing Revolving Credit Facility to increase the availability from $1,000 million to $1,250 million of revolving extension of credit outstanding at any time and extend the maturity of the facility to September 2028; and to make other changes in connection therewith. The agreement is expected to close in the coming weeks subject to satisfaction of customary closing conditions.
About Restaurant Brands International
Restaurant Brands International Inc. is one of the world’s largest quick service restaurant companies with over $40 billion in annual system-wide sales and over 30,000 restaurants in more than 100 countries. RBI owns four of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.
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 expectations regarding the potential amendments to the credit facilities. 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, risks related to adverse economic and industry conditions and risks related to unforeseen events, such as adverse weather conditions, natural disasters, terrorist attacks or threats, pandemics, including coronavirus (COVID-19), the war in Ukraine or other catastrophic events, all of which could adversely affect its financial condition and prevent it from fulfilling its obligations. Other than as required under U.S. federal securities laws or Canadian securities laws, RBI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
View original content to download multimedia:https://www.prnewswire.com/news-releases/restaurant-brands-international-inc-announces-intention-to-extend-term-loan-facilities-and-amend-revolving-credit-facility-301925393.html
SOURCE Restaurant Brands International Inc.
