Restaurant Brands sets roughly $5.1 billion term loan B OID at 99.75

By Sara Rosenberg

New York, May 15 – Restaurant Brands International Inc. (Burger King Worldwide Inc.) firmed the original issue discount on its roughly $5.1 billion first-lien term loan B (B+) at 99.75, the wide end of the 99.75 to par talk, according to a market source.

Pricing on the loan remained at Libor plus 275 basis points with a 1% Libor floor, and there is still 101 soft call protection for six months.

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

Proceeds will be used to reprice an existing term loan B down from Libor plus 350 bps with a 1% Libor floor.

In connection with the repricing, the company is 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. It is following the paydown that 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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