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Restaurant Brands seeks $750 million term loan A for bond redemption
By Sara Rosenberg
New York, Sept. 6 – Restaurant Brands International Inc. plans on getting a new $750 million term loan A to help fund the redemption of its $1.25 billion of 4 5/8% first-lien notes due 2022, according to a market source.
Other funds for the transaction will come from first-lien senior secured notes due January 2028 and cash on hand.
The note offering was upsized to $750 million from $500 million, with the extra proceeds to be used for a term loan B paydown.
In addition, the company is looking to amend its existing revolving credit facility to provide for up to $1 billion of revolving extension of credit outstanding at any time, including a $125 million letter-of-credit sublimit, and to extend the maturity date to 2024.
Restaurant Brands is a Toronto-based quick service restaurant company.
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