Restaurant Brands International Enters Material Definitive Agreement

TL;DR

RBI just signed a big deal, likely involving new debt or financing.

AI Summary

On May 16, 2024, Restaurant Brands International Inc. entered into a material definitive agreement related to its financial obligations. The company, also known as RBI, is a Canadian-based multinational fast food holding company.

Why It Matters

This filing indicates a significant new financial commitment or arrangement for Restaurant Brands International, which could impact its future financial flexibility and operations.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new financial obligations or strategic shifts that carry inherent risks.

Key Players & Entities

• Restaurant Brands International Inc. (company) — Registrant
• May 16, 2024 (date) — Date of earliest event reported
• RBI (company) — Abbreviation for Registrant

FAQ

Key Financial Figures

• $5,162 million — the existing term loan B facility with $5,162 million outstanding to a $5,912 million term lo
• $5,912 million — ty with $5,162 million outstanding to a $5,912 million term loan B facility (the "Term Loan B

Filing Documents

• qsr-20240516.htm (8-K) — 41KB
• exhibit1010-rbixincrementa.htm (EX-10.10(O)) — 2294KB
• exhibit991crgtransactioncl.htm (EX-99.1) — 10KB
• burgerkinglogo.jpg (GRAPHIC) — 10KB
• carrolslogo.jpg (GRAPHIC) — 5KB
• image_0.jpg (GRAPHIC) — 14KB
• 0001618756-24-000092.txt ( ) — 2881KB
• qsr-20240516.xsd (EX-101.SCH) — 3KB
• qsr-20240516_def.xml (EX-101.DEF) — 14KB
• qsr-20240516_lab.xml (EX-101.LAB) — 26KB
• qsr-20240516_pre.xml (EX-101.PRE) — 15KB
• qsr-20240516_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On May 16, 2024, 1011778 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia (the "Parent Borrower"), and New Red Finance, Inc., a Delaware corporation and a direct wholly owned subsidiary of the Parent Borrower (the "Subsidiary Borrower" and, together with the Parent Borrower, the "Borrowers") and Restaurant Brands International Limited Partnership, a limited partnership organized under the laws of British Columbia ("Holdings"), each a subsidiary of Restaurant Brands International Inc., a corporation organized under the laws of Canada (the "Company"), entered into Incremental Facility Amendment No. 6 and Amendment No. 9 (the "2024 Amendment") to the Credit Agreement, dated as of October 27, 2014, as previously amended (as amended, the "Credit Agreement"), by and among the Borrowers, Holdings, the guarantors party thereto, the lenders party thereto (the "Lenders") and JPMorgan Chase Bank, N.A., as administrative agent. The 2024 Amendment increases the existing term loan B facility with $5,162 million outstanding to a $5,912 million term loan B facility (the "Term Loan B Facility") on the same terms as the existing term loan B facility. The security and guarantees under the amended Credit Agreement will be the same as those under the existing facilities. The proceeds from the increase in the Term Loan B Facility were used along with cash on hand to complete the previously announced acquisition of Carrols Restaurant Group, Inc. that closed on May 16, 2024. The 2024 Amendment also amended the interest rate applicable to the Canadian dollar loans under the Credit Agreement to be based on Term CORRA. The 2024 Amendment made no other material changes to the terms of the Credit Agreement. The foregoing summary of the 2024 Amendment does not purport to be complete and is qualified in its entirety by reference to the complete terms of the 2024 Incremental Ame

01 Other Events

Item 8.01 Other Events. On May 16, 2024, the Company issued a press release to announce the closing of the Carrols Restaurant Group, Inc. acquisition. A copy of the press release is attached hereto as Exhibit 99.1.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.10(o) Incremental Facility Amendment No. 6 and Amendment No. 9, dated as of May 16, 2024, to the Credit Agreement, dated October 27, 2014 (as amended), by and among 1011778 B.C. Unlimited Liability Company, as parent borrower, New Red Finance, Inc., as subsidiary borrower, Restaurant Brands International Limited Partnership, the other guarantors party thereto, JPMorgan Chase Bank, N.A., as administrative agent, collateral agent and swing line lender, and the other lenders party thereto. 99.1 Press release dated May 16, 2024. 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: May 16, 2024 /s/ Jill Granat Name: Jill Granat Title: General Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR