Restaurant Brands to price $1 billion tap of 4% notes due 2030 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Oct. 14 – Restaurant Brands International, Inc. plans to price a $1 billion add-on to the 1011778 BC ULC/New Red Finance Inc. 4% senior secured second-lien notes due Oct. 15, 2030 (existing ratings B2/B+) in a Wednesday drive-by, according to a syndicate source.

Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities Inc., Barclays and RBC Capital Markets Corp. are the joint bookrunners.

Goldman Sachs & Co. LLC, Rabo, BMO Capital Markets Corp., MUFG, Fifth Third Securities Inc., Citigroup Global Markets Inc., Capital One Securities Inc., Scotia, BNP Paribas Securities Corp. and Truist Securities, Inc. are the co-managers.

The Rule 144A and Regulation S add-on notes become callable on Oct. 15, 2025 at 102.

The Toronto-based quick service restaurant company plans to use the proceeds, together with cash on hand, to redeem a portion of its 5% second lien secured notes due 2025.

The original $1 billion issue priced in September 2020.

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