An anonymous director reports

RESTAURANT BRANDS INTERNATIONAL INC. ANNOUNCES PRICING OF FINANCING TRANSACTIONS

Restaurant Brands International Inc., 1011778 B.C. Unlimited Liability Company (the issuer) and New Red Finance Inc. (the co-issuer and, together with the issuer, the issuers) have priced an offering of $1,200-million in aggregate principal amount of 6.125 per cent first lien senior secured notes due 2029, reflecting an upsize of $200-million over the previously announced offering size. The closing of the offering of the notes is expected to occur on or about June 17, 2024, subject to customary closing conditions.

Restaurant Brands expects to use the net proceeds from the offering of the notes to refinance a portion of the issuers' existing term loan B facility due in September, 2030 (the term loan B facility), pay related fees and expenses and for general corporate purposes.

The notes will be first lien senior secured obligations of the Issuers, guaranteed fully and unconditionally, and jointly and severally, on a senior secured basis by Restaurant Brands International LP and each of holdings' wholly owned subsidiaries that also guarantee the issuers' obligations under the issuers' existing senior secured credit facilities.

Restaurant Brands also announced today that it will be repricing and downsizing its term loan B facility, from $5,912-million at adjusted term SOFR (secured overnight financing rate) rate plus 2.25 per cent to $4,750-million at adjusted term SOFR rate plus 1.75 per cent, after giving effect to the anticipated use of the net proceeds from the offering of the notes. There are no changes to the maturity of the term loan B facility following this repricing and all other terms are substantially unchanged.

These transactions are expected to be approximately neutral to net leverage and to result in annualized net interest savings.

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.

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