Restaurant Brands International Announces Receipt of Exchange Notice for 6.7 Million Class B Exchangeable Limited Partnership Units


TORONTO, Sept. 11, 2020 /CNW/ - Restaurant Brands International Inc. ("RBI" or the "Company") (TSX: QSR) (NYSE: QSR) and Restaurant Brands International Limited Partnership ("RBI LP") announced today the receipt of an exchange notice from 3G Restaurant Brands Holdings LP ("RBH"), an affiliate of 3G Capital Partners ("3G Capital"), to exchange 6,757,692 Class B exchangeable limited partnership units (the "Exchangeable Units") of RBI LP.

RBI LP intends to satisfy this notice with the repurchase of all of these Exchangeable Units for cash. The repurchase of Exchangeable Units for cash is anticipated to be financed with available cash on hand. Once the exchange is settled, the Exchangeable Units will be cancelled, decreasing the fully diluted shares of RBI by the same amount. Following the exchange, RBH will hold approximately 31% of RBI's fully diluted shares.

The exchange date will occur on October 2, 2020, and the repurchase of Exchangeable Units for cash will be based on the 20-day volume weighted average price of the Company's common shares traded on the NYSE in US dollars, in accordance with the terms of the limited partnership agreement of RBI LP. Also, per the terms of the limited partnership agreement, RBH would have until September 25, 2020 to revoke its exchange notice, in part or in full, after which time the exchange notice will become irrevocable, however RBH has waived its right to revoke the exchange notice.