Commentary & Deal Flow

Bertrand Franchise Finance SAS (Burger King France) (BERFRA) EUR1.15bn 144A/Reg S sr sec fixed/floating notes 2-part. Ratings TBD. Via BNP (B&D) sole physical books/GS jt glocos/BofA/CA/Citi/JPM/MS jt books. No reg rights. List Lux. NY Law. 

    - EUR TBD sr sec FRN due 2030 (6y). NC1 (101, par).

    - EUR TBD sr sec fixed rate notes due 2030 (6y). NC1 (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year, the first 2 years at 40%.

Roadshow Mon-Thus (investor calls: Continental at 11:30am CET today, UK at 10am UKT tomorrow). UOP: repay debt operating company debt. 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.