05/30/2024 Bertrand Franchise Finance SAS (Burger King France) (BEFRA) EUR1.15bn 144A/Reg S sr sec fixed/floating notes 2-part. B2/B (stable/stable). Via BNP (B&D) sole physical books/GS jt glocos/BofA/CA/Citi/JPM/MS jt books. No reg rights. List Lux. NY Law. Settles 06/13 (T+10).
- EUR850m (up from EUR300m minimum) sr sec FRN due 07/18/30 (6y). NC1 (07/18/25) (MWC B+50bp), then 101, 100. Pays Jan 18, April 18, July 18, Oct 18, starting 10/18/24. Reg S ISIN: XS2831749481. IPT: E+425bp at par. Px talk: E+400bp area (+/- 12.5bp). Final terms: EUR850m E+375bp at par. Priced: 3mE+375bp at 100.
- EUR300m (from EUR300m minimum) sr sec fixed rate notes due 07/18/30 (6y). NC2 (07/18/26) (MWC B+50bp), then at 103.25, 101.625, 100. Equity claw: 2y 40% at 106.50. Special call: 10% per year, the first 2 years at 40%. Pays Jan 18 and July 18, starting 01/18/25. Reg S ISIN: XS28315857866. IPT: 7 to low 7s. Px talk: 6.75% area (+/- 0.125%). Final terms: EUR300m at 6.50%. Priced: 6.50% at 100. +387bp vs DBR 0.00% 02/15/30.
Roadshow 05/27-30 (investor calls: Continental at 11:30am CET 05/27, UK at 10am UKT 05/28). Books closed at 1:30pm UKT 05/30. Reconfirms were due by 2:20pm UKT 05/30. UOP: repay operating company debt. Equity owners: Bertrand Franchise Corp (Oliver Bertrand indirect majority shareholder) (60.75%), Bridgepoint SAS (21.25%), AlpiInvest/Goldman Sachs Asst Management (18%). Biz: parent company of Burger King France and other brands in France, the number one food service franchising platform in France with over 1,000 restaurants. HQ: Clichy, France.