Restaurant Brands launches term loan B repricing at Libor plus 275 bps

By Sara Rosenberg

New York, May 11 – Restaurant Brands International Inc. (Burger King Worldwide Inc.) held a call at 2 p.m. ET on Monday to launch a repricing of its first-lien term loan B that is talked at Libor plus 275 basis points with a 1% Libor floor and an issue price of 99.75 to par, according to a market source.

The repriced loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and RBC Capital Markets are the leads on the deal.

The repricing will take the term loan B pricing down from Libor plus 350 bps with a 1% Libor floor.

In connection with the repricing, the company plans on repaying about $1.55 billion of the term loan B with proceeds from a $1.25 billion first-lien senior secured notes offering and cash on hand.

Following the paydown, the term loan B will total about $5.1 billion.

Restaurant Brands is an Oakville, Ont.-based quick service restaurant company.

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