Business
Restaurant Brands International Inc. and Restaurant Brands International Limited Partnership Announce Initial Receipt of Exchange Notices and Intent to Use $300 Million in Cash to Repurchase Units
Restaurant Brands International Inc. and Restaurant Brands International Limited Partnersh...
About this update from Restaurant Brands International Lp
[{"type":"text","content":"\n\n\n\nRestaurant Brands International Inc. and Restaurant Brands International Limited Partnership Announce Initial Receipt of Exchange Notices and Intent to Use $300 Million in Cash to Repurchase Units\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nRestaurant Brands International Inc. and Restaurant Brands International Limited Partnership Announce Initial Receipt of Exchange Notices and Intent to Use $300 Million in Cash to Repurchase Units\nCanada NewsWire\nOAKVILLE, ON, Dec. 3, 2015\n\n\n\nOAKVILLE, 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.            \n\nRBI 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. \n\nPursuant 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,...