Commentary & Deal Flow

+++Corrects second tranche is fixed rate (not floating)+++

Burger King France SAS/Midco GB (BGRKNG) EUR855m 144A/Reg S 3-part. Via BNP (B&D sr sec)/JPM (B&D PIK notes) jt glocos/BofA/CA/CS/GS/MS jt books. List Lux.

    Sr sec fixed/floating notes total size is EUR620m with a EUR250m minimum for each tranche. Final tranche sizes TBD.

    - EUR TBD sr sec FRN due 2026 (5y). NC1, then 101, par. Expect B3/B-. Qrtly pay.

    - EUR TBD sr sec fixed-rate due 2026 (5y). NC2 (50%,25%,par). Equity claw: 2y 40%. Expect B3/B-.

    - EUR235m sr pay-if-you-can PIK toggle notes due 2027 (6y). NC2.5 (50%,25%,par). IPO claw: 1st 24mos up to 100% at 102, last 6mos 40% at 104. Expect NR/CCC.

Investor call at 11am UKT today. 1x1 virtual meeting through Thurs. UOP: repay debt. Biz: second largest QSR chain in the French market.