- RBI repurchased and cancelled 10,000,000 Exchangeable Units for $560,657,000, which reduced RBI's fully-diluted share count
- Certain Directors of the RBI Board increased their holdings in RBI LP by 1,106,925 Exchangeable Units, which had no impact to RBI's fully-diluted share count
TORONTO, Nov. 7, 2018 /CNW/ - Restaurant Brands International Inc. ("RBI" or the "Company") (TSX/NYSE: QSR) and Restaurant Brands International Limited Partnership ("RBI LP") announced today the completion of the previously announced repurchase of 10,000,000 Class B exchangeable limited partnership units (the "Exchangeable Units") of RBI LP from 3G Restaurant Brands Holdings LP ("RBH"). In accordance with the terms of the limited partnership agreement of RBI LP, the repurchase of Exchangeable Units for cash was based on the 20-day volume weighted average price of the Company's common shares traded on the NYSE in US dollars, which as of November 6, 2018 was $56.0657 per Exchangeable Unit.
In addition, certain Directors of the RBI Board have entered into agreements to increase their holdings in RBI LP by 1,106,925 Exchangeable Units in a separate transaction with RBH. Accordingly, subsequent to receiving the exchange notice for 11,106,925 Exchangeable Units from RBH (as announced on October 24, 2018), RBH partially withdrew their exchange notice down to 10,000,000 Exchangeable Units. The revised exchange notice was satisfied in full by the Company with cash.
About Restaurant Brands International Inc.
Restaurant Brands International Inc. ("RBI") is one of the world's largest quick service restaurant companies with more than $30 billion in system-wide sales and over 25,000 restaurants in more than 100 countries and U.S. territories. RBI owns three of the world's most prominent and iconic quick service restaurant brands – Tim Hortons, Burger King, and Popeyes. These independently operated brands have been serving their respective guests, franchisees and communities for over 40 years. To learn more about RBI, please visit the company's website at www.rbi.com.
This press release includes forward-looking statements, which are often identified by the words "may," "might," "believes," "thinks," "anticipates," "plans," "expects," "intends" or similar expressions and reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. 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 on SEDAR in Canada, such as its annual and quarterly reports and current reports on Form 8-K, and include the following: risks related to RBI's substantial indebtedness, which could adversely affect its financial condition and prevent it from fulfilling its obligations. RBI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Restaurant Brands International Inc.