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Restaurant Brands lifts term loan B to $4.9 billion, firms pricing
By Sara Rosenberg
New York, Feb. 16 – Restaurant Brands International Inc. upsized its term loan B due February 2024 to $4.9 billion from $4.46 billion and set pricing at Libor plus 225 basis points, the low end of the Libor plus 225 bps to 250 bps talk, according to a market source.
The term loan B still has a 1% Libor floor, an original issue discount of 99.875 and 101 soft call protection for six months.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to extend the existing term loan B from December 2021 and reprice the debt from Libor plus 275 bps with a 1% Libor floor.
As of Dec. 31, the term loan B totaled $5,046,000,000.
Restaurant Brands is an Oakville, Ont.-based quick service restaurant company.
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