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Restaurant Brands to launch $1.3 billion term loan on Thursday
By Sara Rosenberg
New York, Feb. 22 – Restaurant Brands International Inc. is scheduled to hold a lender call on Thursday to launch its $1.3 billion incremental senior secured covenant-light term loan due Feb. 17, 2024, according to sources.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead arrangers and bookrunners on the deal.
The incremental term loan is talked at Libor plus 225 basis points with a 1% Libor floor and an original issue discount of 99.25 to 99.5, sources said.
The spread and floor on the incremental loan matches pricing on the company’s existing term loan.
Proceeds will be used to help fund the acquisition of Popeyes Louisiana Kitchen Inc. for $79.00 per share in cash, or $1.8 billion.
Other funds for the transaction will come from about $600 million of cash on hand.
Closing is expected by early April, subject to regulatory approvals, the receipt of a majority of Popeyes shares on a fully diluted basis in a tender offer and customary conditions.
Restaurant Brands is an Oakville, Ont.-based quick service restaurant company. Popeyes is an Atlanta-based quick service restaurant company.
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