Related Issuers
by Stephen Carter
May 29, 2024 11:14 AM ET
Bertrand Franchise Finance SAS (Burger King France) (BERFRA) 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.
- EUR TBD sr sec FRN due 2030 (6y). NC1 (MWC B+50bp) (101, par). IPT: E+425bp at par.
- EUR TBD sr sec fixed rate notes due 2030 (6y). NC1 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year, the first 2 years at 40%. IPT: 7 to low 7s.
Roadshow Mon-Thurs (investor calls: Continental at 11:30am CET Mon, UK at 10am UKT Tues). 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.