Burger King France starts roadshow for €555 million three-part secured notes offering

By Paul A. Harris

Portland, Ore., April 10 – Burger King France SAS started a roadshow on Monday in London's West End for a €555 million three-part offering of senior secured notes (expected ratings B3/B-), according to a market source.

The roadshow continues on Tuesday in London City, visits Paris and Frankfurt on Wednesday and Amsterdam on Thursday.

On offer are two tranches of fixed-rate notes and one tranche of floating-rate notes.

The fixed-rate portions include five-year notes, which come with two years of call protection, and seven-year notes, which come with three years of call protection.

In addition Burger King France is selling a tranche of five-year floating-rate notes, which comes with one year of call protection.

Joint global coordinator and joint bookrunner Goldman Sachs will bill and deliver for the Rule 144A and Regulation S offering. JPMorgan, BNP Paribas and Credit Suisse are also joint global coordinators and joint bookrunners. SG CIB is a joint bookrunner.

The Paris-based fast food restaurant chain plans to use the proceeds to refinance debt.

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