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Restaurant Brands to redeem 9% preferreds via $1 billion issue, loans
By Susanna Moon
Chicago, May 3 – Restaurant Brands International Inc. plans to redeem some or all of its 9% class A cumulative compounding redeemable preferred shares using proceeds of a new issue and loans.
The company’s subsidiaries 1011778 B.C. Unlimited Liability Co., the issuer, and New Red Finance, Inc., the co-issuer, plan to price $1 billion principal amount of first-lien senior secured notes due 2024 and plan to draw an incremental $500 million from its first-lien term loan facility, according to a company announcement.
Proceeds also will be used for general corporate purposes.
Restaurant Brands is an Oakville, Ont.-based quick service restaurant company.
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