Restaurant Brands International Inc., the parent company of Burger King, Tim Hortons, Popeyes Louisiana Kitchen, and Firehouse Subs, is set to underwrite a public offering of approximately 6.5 million common shares. This offering involves an exchange of limited partnership units for common shares in collaboration with an affiliate of 3G Capital Partners Ltd.
The Toronto-based company has confirmed that these common shares are linked to an exchange notice received by Restaurant Brands International Limited Partnership. To facilitate the offering, the selling shareholder has entered into a forward sale agreement with Bank of America Securities. As part of this agreement, Bank of America or its affiliates are anticipated to borrow and sell around 3.5 million common shares through the underwriter, with the option to sell up to an additional 3 million shares.
The forward sale agreement and the exchange are expected to be completed by August 30. Restaurant Brands International will not be selling any common shares in this offering and will not benefit from the proceeds. The total number of exchangeable units and RBI common shares will remain unchanged.
Bank of America Securities is serving as the sole book-running manager for the offering, which is projected to conclude on August 14. However, parts of the offering may close before the full settlement, pending standard closing conditions.
Restaurant Brands International operates over 30,000 restaurants across more than 120 countries and territories.