OAKVILLE, ON, Dec. 3, 2015
/CNW/ - Restaurant Brands International Inc. ("RBI") (TSX:QSR;
NYSE:QSR) and Restaurant Brands International Limited Partnership
("RBI LP") (TSX:QSP) announced today the receipt of initial
Exchange Notices related to units of RBI LP. In connection with the
creation of RBI in December of 2014, shareholders of Burger King
Worldwide Inc. had the ability to elect to receive units in RBI LP
in lieu of shares of RBI. Units in RBI LP can be sold in the open
market and are exchangeable for shares of RBI on a 1:1 basis. The
exchange of RBI LP units for shares of RBI is subject to a one year
restriction period, which ends on December
12, 2015. Approximately 265 million RBI LP units are
currently
outstanding.
RBI has received Exchange Notices representing 30.9 million
units, including 25.7 million units held by 3G Restaurant Brands
Holdings LP ("RBH"), an affiliate of 3G Capital Partners ("3G
Capital"). The units represented by the Exchange Notices from RBH
comprise approximately 10.5% of RBH's current holdings in RBI and
do not include any RBI LP units owned directly or indirectly by the
partners of 3G Capital.
Pursuant to the limited partnership agreement, RBI LP will
satisfy the initial Exchange Notices by repurchasing 8.15 million
RBI LP units in exchange for approximately $300 million in excess cash and exchanging 22.8
million RBI LP units for the same number of newly issued RBI
shares. The exchange requests received to date will be satisfied on
or after December 14, 2015, and the
repurchase of RBI LP units for cash will be based on the 20-day
volume weighted average price of RBI shares traded on the NYSE in
US dollars, per the terms of the limited partnership agreement.
Daniel Schwartz, RBI CEO,
commented "We continue to be encouraged by the progress we have
made in our first full year as RBI and are excited about the
prospects for the TIM HORTONS® and BURGER
KING® brands in the years to come. The repurchase of
8.15 million RBI LP units is reflective of the confidence we have
in our business and is consistent with our balanced approach to
capital allocation. We are very pleased to have the continued
long-term support from 3G Capital and its partners, who share in
our vision to grow both of our iconic brands."
About Restaurant Brands International
Restaurant Brands International Inc. ("RBI") is one of the
world's largest quick service restaurant companies with over
$23 billion in system-wide sales and
over 19,000 restaurants in approximately 100 countries and U.S.
territories. RBI owns two of the world's most prominent and iconic
quick service restaurant brands – TIM HORTONS® and
BURGER KING®. These independently operated brands have
been serving their respective guests, franchisees and communities
for over 50 years. To learn more about RBI, please visit the
company's website at www.rbi.com.
Forward-Looking Statements
This press release includes certain forward-looking
statements, which are often identified by the words "may", "will"
or similar expressions and reflect management's expectations
regarding future events and operating performance and speak only as
of the date hereof. These forward-looking statements are not
guarantees of future performance and involve a number of risks and
uncertainties. These forward-looking statements include statements
about RBI's expectations regarding its confidence in its business
and its ability to achieve a balanced approach to capital
allocation. The factors that could cause actual results to differ
materially from RBI's expectations are detailed in filings of RBI
with the U.S. Securities and Exchange Commission and the securities
regulatory authorities in each province and territory of
Canada, such as its annual and
quarterly reports and current reports on Form 8-K, and include the
following: risks related to RBI's ability to successfully implement
its domestic and international growth strategy; and risks related
to RBI's ability to compete domestically and internationally in an
intensely competitive industry. Other than as required under U.S.
federal securities laws or Canadian securities laws, we do not
assume a duty to update these forward-looking statements, whether
as a result of new information, subsequent events or circumstances,
change in expectations or otherwise.
SOURCE Restaurant Brands International