S&P ups Restaurant Brands, rates notes, loan BB

S&P said it raised the rating on Restaurant Brands International Inc. to BB from BB- and assigned a BB rating to a proposed sale of notes and a new term loan.

Restaurant Brands plans to obtain a $750 million term loan due 2024 and sell $500 million first-lien senior secured notes due 2028.

At the same time, S&P raised the ratings on the company’s first-lien debt to BB from BB- and on the second-lien notes to B+ from B. The recovery ratings are unchanged.

The outlook is stable.

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