By Paul A. Harris
Portland, Ore., Dec. 8 – Burger King France SAS priced €260 million of notes on Friday, according to a market source.
The deal saw €10 million shifted to the add-on tranche from the PIK toggle notes tranche.
The deal included an upsized €60 million add-on to the Euribor plus 525 basis points senior secured floating-rate notes due May 1, 2023, which priced at 101.75. The add-on was upsized from €50 million. Credit Suisse was the left bookrunner for the add-on.
Meanwhile NewCo GB, the holding company, priced a downsized €200 million issue of PIK toggle notes at par. The tranche was downsized from €210 million. The notes pay a cash coupon of 8%, which steps up to 8¾% for in-kind coupon payments. Goldman Sachs was the left bookrunner for the PIK toggle notes.
Proceeds from both issues will be used to help fund the acquisition of BDBK, a company indirectly wholly owned by Groupe Bertrand, Burger King France's controlling shareholder and biggest franchisee. Some of the proceeds from the floating-rate notes may be used as cash on the balance sheet for general corporate purposes.
Burger King France is a Paris-based fast food restaurant chain.
| Company: | Burger King France
|
| Amount: | €260 million
|
| Trade date: | Dec. 8
|
|
|
| Add-on
|
| Issuer: | Burger King France SAS
|
| Amount: | €60 million, increased from €50 million
|
| Maturity: | May 1, 2023
|
| Securities: | Add-on to Euribor plus 525 bps senior secured notes due May 1, 2023
|
| Coupon: | Euribor plus 525 bps
|
| Price: | 101.75
|
| First call date: | May 1, 2018
|
| Left books: | Credit Suisse
|
|
|
| New notes
|
| Issuer: | NewCo GB
|
| Amount: | €200 million, decreased from €210 million
|
| Maturity: | Dec. 15, 2022
|
| Securities: | PIK notes
|
| Cash coupon: | 8%
|
| PIK coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8%
|
| Left books: | Goldman Sachs
|
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