An anonymous director reports

BURGER KING(TM) COMPANY COMPLETES ACQUISITION OF CARROLS RESTAURANT GROUP

Restaurant Brands International Inc. has completed its previously announced acquisition of all issued and outstanding shares of Carrols Restaurant Group Inc. that are not already held by Restaurant Brands or its affiliates for $9.55 per share in an all-cash transaction, or an aggregate total enterprise value of approximately $1-billion.

With the close of the acquisition, Restaurant Brands adds the largest Burger King (BK) franchisee in the United States to its portfolio as part of the company's Reclaim the Flame plan. As previously announced, the company will invest a further $500-million to accelerate the reimaging of more than 600 Carrols restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operators over the next seven years.

In addition, on May 16, 2024, subsidiaries of Restaurant Brands entered into an amendment to their existing credit agreement increasing the existing term loan B facility with $5.2-billion outstanding to a $5.9-billion term loan B facility under the same terms as the existing term loan B facility. The proceeds from the increase in the term loan B facility were used along with cash on hand to complete the acquisition of Carrols, including the payoff of its credit agreement and the redemption and discharge of its outstanding 5.875 per cent senior notes due 2029.

About Restaurant Brands International Inc.

Restaurant Brands International is one of the world's largest quick-service restaurant companies with over $40-billion in annual system-wide sales and over 30,000 restaurants in more than 120 countries and territories. Restaurant Brands owns four of the world's most prominent and iconic quick-service restaurant brands -- Tim Hortons, Burger King, Popeyes and Firehouse Subs. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, Restaurant Brands is improving sustainable outcomes related to its food, the planet, and people and communities.