Restaurant Brands ups term B to $5.32 billion, firms OID at 99.75

By Sara Rosenberg

New York, Nov. 14 – Restaurant Brands International Inc. upsized its seven-year term loan B to $5.32 billion from $4.57 billion and finalized the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

As before, the term loan is priced at Libor plus 175 basis points with a 0% Libor floor and has 101 soft call protection for six months.

J.P. Morgan Securities LLC is the left lead bank on the deal.

Recommitments were scheduled to be due at 2:30 p.m. ET on Thursday, the source said.

Proceeds will be used to help refinance an existing term loan B due 2024 that is priced at Libor plus 225 bps with a 1% Libor floor.

Other funds for the refinancing will come from a $750 million second-lien senior secured notes offering that was downsized from $1 billion with the term loan B upsizing, the source added.

The company also cancelled plans to draw $500 million on its revolving credit facility with the B loan upsizing.

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

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