QSR Enters Material Agreement, New Financial Obligation

TL;DR

**QSR just took on new debt or a major financial obligation, details pending.**

AI Summary

Restaurant Brands International Inc. (QSR) filed an 8-K on January 4, 2024, reporting an "Entry into a Material Definitive Agreement" and the "Creation of a Direct Financial Obligation" as of December 28, 2023. This filing indicates that QSR, along with Restaurant Brands International Limited Partnership, has entered into a significant new financial commitment. For investors, this means the company has taken on new debt or a similar obligation, which could impact its financial leverage and future earnings, making it crucial to understand the specifics of this agreement once they are disclosed.

Why It Matters

This filing signals a new financial commitment for Restaurant Brands International, which could affect its balance sheet, cash flow, and ultimately, shareholder value.

Risk Assessment

Risk Level: medium — The filing indicates a new financial obligation without disclosing the specific terms or amount, creating uncertainty about its potential impact on the company's financial health.

Analyst Insight

A smart investor would monitor subsequent filings from Restaurant Brands International Inc. for specific details on the material definitive agreement and financial obligation to assess its impact on the company's financial health and future prospects.

Key Players & Entities

• Restaurant Brands International Inc. (company) — the registrant filing the 8-K
• Restaurant Brands International Limited Partnership (company) — co-registrant in the 8-K filing
• December 28, 2023 (date) — date of the earliest event reported
• January 4, 2024 (date) — date the 8-K was filed
• QSR (company) — trading symbol for Common Shares
• QSP (company) — trading symbol for Class B exchangeable limited partnership units

Forward-Looking Statements

• Further details regarding the nature and terms of the 'Material Definitive Agreement' and 'Direct Financial Obligation' will be disclosed in a subsequent filing or earnings report. (Restaurant Brands International Inc.) — high confidence, target: Q1 2024

FAQ

Filing Documents

• qsr-20231228.htm (8-K) — 42KB
• exhibit419-formofsupplemen.htm (EX-4.19) — 34KB
• exhibit1010n-amendmentno8a.htm (EX-10.10(N)) — 2192KB
• 0001618756-24-000002.txt ( ) — 2761KB
• qsr-20231228.xsd (EX-101.SCH) — 3KB
• qsr-20231228_def.xml (EX-101.DEF) — 14KB
• qsr-20231228_lab.xml (EX-101.LAB) — 29KB
• qsr-20231228_pre.xml (EX-101.PRE) — 15KB
• qsr-20231228_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On December 28, 2023, 1011778 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia (the "Parent Borrower"), 1013421 B.C. unlimited Liability Company ("Existing Holdings"), Restaurant Brands International Limited Partnership, a limited partnership organized under the laws of British Columbia ("New Holdings") and 1013414 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia ("Intermediate Holdings") each a subsidiary of Restaurant Brands International Inc., a corporation organized under the laws of Canada (the "Company"), entered into Amendment No. 8 (the "Eighth Amendment") to the Credit Agreement, dated as of October 27, 2014, as previously amended, (as amended, the "Credit Agreement"), by and among Borrowers, and New Red Finance, Inc., a Delaware corporation and a direct wholly owned subsidiary of the Parent Borrower (the "New Red" and, together with the Parent Borrower, the "Borrowers"), as Borrowers, Existing Holdings, as holdings, the guarantors party thereto, the lenders party thereto (the "Lenders") and JPMorgan Chase Bank, N.A., as administrative agent. The Eighth Amendment (1) joins New Holdings and Intermediate Holdings as Parent Guarantors under the Credit Agreement, (2) applies the negative covenants under Article VII of the Credit Agreement to New Holdings and its Restricted Subsidiaries (as defined in the Credit Agreement), and (3) makes certain other changes as set forth therein. The foregoing summary of the Eighth Amendment does not purport to be complete and is qualified in its entirety by reference to the complete terms of the Eighth Amendment, filed as Exhibit 10.10(n) hereto, which is incorporated herein by reference. Also on December 28, 2023, the Parent Borrower, New Red, New Holdings, Intermediate Holdings, Existing Holdings, and Wilmington Trust, National Association, as tr

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 4.19 Form of Supplemental Indenture, dated as of December 28, 2023, by and among Restaurant Brands International Limited Partnership, 1013414 B.C. Unlimited Liability Company, 1013421 B.C. Unlimited Liability Company, 1011778 B.C. Unlimited Liability Company, New Red Finance, Inc. and Wilmington Trust, National Association as trustee and collateral agent. 10.10(n) Amendment No. 8, dated as of December 28, 2023, to the Credit Agreement, dated October 27, 2014, by and among 1011778 B.C. Unlimited Liability Company, as parent borrower, 1013421 B.C. Unlimited Liability Company, Restaurant Brands International Limited Partnership, 1013414 B.C. Unlimited Liability Company, and JPMorgan Chase Bank, N.A., as administrative agent. 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. RESTAURANT BRANDS INTERNATIONAL INC. RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP, by its general partner RESTAURANT BRANDS INTERNATIONAL INC. Date: January 4, 2024 /s/ Jill Granat Name: Jill Granat Title: General Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR