Restaurant Brands International Inc. Announces Receipt Of Exchange Notice, Intent To Use Common Shares To Satisfy Exchange And Commencement Of Secondary Offering Of 7,136,149 Common Shares
Portfolio Pulse from Happy Mohamed
Restaurant Brands International Inc. (RBI) has announced that it has received an exchange notice from HL1 17 LP, an affiliate of 3G Capital Partners Ltd., to exchange 7,136,149 Class B exchangeable limited partnership units of RBI LP. RBI LP intends to satisfy this notice with the delivery of an equal number of common shares of RBI. The Selling Shareholder has also commenced an underwritten registered public offering of up to 7,136,149 common shares. The settlement of the forward sale agreement and the Exchange is expected to occur on or before September 5, 2023. RBI will not sell any common shares in the offering and will not receive any proceeds from the sale of the common shares.
August 16, 2023 | 8:20 pm
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NEUTRAL IMPACT
RBI's announcement of the exchange of Class B units for common shares and the commencement of a public offering of common shares by the Selling Shareholder could potentially impact the stock price of RBI in the short term.
The exchange of Class B units for common shares and the commencement of a public offering of common shares could potentially increase the supply of RBI's common shares in the market. However, since RBI will not sell any common shares in the offering and will not receive any proceeds from the sale of the common shares, the impact on RBI's stock price is uncertain.
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