RBI: Completes Acquisition of Firehouse Subs

Toronto / CA. (rbi) Restaurant Brands International (RBI) announced that it has completed its previously announced acquisition of Firehouse Restaurant Group Inc. for USD 1.0 billion. With the close of the acquisition, RBI adds a strong, loved and purpose-driven restaurant brand to its existing family of quick service restaurant brands, «Tim Hortons», «Burger King», and «Popeyes».

In addition, on December 13, 2021, subsidiaries of RBI entered into an amendment to their existing Credit Agreement, extending the maturity date of RBI’s senior secured revolving credit facility from October 07, 2024 to December 13, 2026 and increasing the existing term loan A facility with USD 717 million outstanding to a USD 1.25 billion term loan A facility with the same maturity as the Revolving Credit Facility. The 2021 Amendment also amended the interest rate applicable to the Revolving Credit Facility and the Term Loan A Facility to be based on term SOFR and includes amendments to certain negative covenants to provide increased flexibility. The security and guarantees under the amended Revolving Credit Facility and Term Loan A Facility will be the same as those under the existing facilities. The proceeds from the increase in the Term Loan A Facility were used along with cash on hand to complete the acquisition of Firehouse Subs. The 2021 Amendment made no other material changes to the terms of the Credit Agreement.

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