Restaurant Brands International Inc., parent company of Burger King and Tim Hortons, among other quick service brands, is a registered public offering of approximately 6.,5 million common shares valued at an affiliate of 3G Capital Partners Ltd.
The Toronto-based restaurant company, which also owns the Popeyes Louisiana Kitchen and Firehouse Subs brands, said the common shares were related to the exchange notice received by Restaurant Brands International Limited Partnership.
In connection with the Offering, the Selling Shareholder entered into a forward sale agreement with Bank of America Securities. In connection with the forward sale agreement, the Forward Counterparty or its affiliates are expected to pay approximately 3.,5 million common shares in the offering and an additional opportunity to sell through the underwriter up to 3 million common shares in the offering.
Settlement of the forward sale agreement and exchange is expected to occur on or before August 30.
RBI said it will not sell any common shares in the offering and will not receive any proceeds from the sale of the common shares. The total number of exchangeable units and RBI common shares will not change as a result of the transactions.
BofA Securities is acting as sole bookrunner for the offering.
The Offering is expected to close on August 14, but any portion of the Offering may close at any time prior to the settlement of the exchange, in each case subject to customary closing conditions.
Restaurant Brands International has more than 30,000 restaurants in over 120 countries and territories. 3G Capital acquired a stake in Burger King in 2012.
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