Restaurant Brands lifts term loan B to $5.16 billion, trims pricing

By Sara Rosenberg

New York, Sept. 12 – Restaurant Brands International Inc. upsized its term loan B due September 2030 (Ba2) to $5.163 billion from $4.163 billion and reduced pricing to SOFR plus 225 basis points from SOFR plus 250 bps, according to a market source.

Also, the original issue discount on the term loan B was changed to 99.5 from talk in the range of 98.5 to 99, the source said.

The term loan B still has a 0% floor and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Recommitments were scheduled to be due at 11 a.m. ET on Tuesday, the source added.

Proceeds will be used to refinance an existing $5.163 billion term loan B due 2026.

With the upsizing to the term loan B, the company canceled plans to use $1 billion of other secured debt for the refinancing.

In addition, the company intends to extend its $1.234 billion term loan A to September 2028, and amend its revolving credit facility to increase availability to $1.25 billion from $1 billion and extend the maturity to September 2028.

Restaurant Brands is a Toronto-based quick service restaurant company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.