Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers B > Headlines for Burger King Holdings, Inc. > News item |
Burger King plans to launch $1.9 billion loan at Tuesday bank meeting
By Paul A. Harris
St. Louis, Sept. 10 - Burger King Holdings Inc. plans to launch its $1.9 billion credit facility at a Tuesday bank meeting, market sources say.
JPMorgan and Barclays Capital are the lead banks on the financing, which includes a $1.75 billion institutional term loan and a $150 million revolver.
Proceeds, in conjunction with an expected $900 million issue of high-yield bonds, will be used to help fund the leveraged buyout of Burger King by 3G Capital and to refinance existing debt.
3G Capital is buying Burger King for $24 per share, or $4 billion, including the assumption of the company's outstanding debt.
It is anticipated that 3G Capital will begin a tender offer for all of the outstanding shares of the company no later than Sept. 17.
Closing on the transaction is expected to take place in the fourth quarter, subject to satisfaction of the minimum tender condition of 79.1% of the company's common shares, the receipt of approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the receipt of financing and other customary conditions.
There is a go-shop period through Oct. 12.
Burger King is a Miami-based fast food hamburger chain.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.