BURGER KING France 'B-' Rating Affirmed; Proposed Bond Tap Rated 'B-'; PIK Notes Rated ?CCC?; Outlook Stable

BURGER KING France has announced its intention to issue a €50 million tap on its senior secured floating-rate notes due 2023, and issue €210 million payment-in-kind (PIK) notes. Part of the proceeds will be used for acquiring the group's largest franchisees BDBK and the investment vehicle for €93 million, and to fully refinance the Euromezzanine instrument at NewCo GB. We are affirming our 'B-' corporate credit rating on BURGER KING France, and our 'B-' issue rating on the senior secured notes including the proposed €50 million tap. We are also assigning a 'CCC' issue rating to the proposed PIK notes. The stable outlook reflects our view that the group will continue to increase its EBIDTA by robustly executing its business

...+ BURGER KING France has announced its intention to issue a 50 million tap on its senior secured floating-rate notes due 2023, and issue 210 million payment-in-kind (PIK) notes. + Part of the proceeds will be used for acquiring the group's largest franchisees BDBK and the investment vehicle for 93 million, and to fully refinance the Euromezzanine instrument at NewCo GB. + We are affirming our 'B-' corporate credit rating on BURGER KING France, and our 'B-' issue rating on the senior secured notes including the proposed 50 million tap. We are also assigning a '###' issue rating to the proposed PIK notes. + The stable outlook reflects our view that the group will continue to increase its EBIDTA by robustly executing its business transformation and new site openings, while maintaining adequate liquidity and progressively reducing its leverage to 7.8x over the next 12 months. LONDON (S&P Global Ratings) Dec. 6, 2017--S&P Global Ratings today affirmed its 'B-' long-term corporate credit rating...

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