Research Update: BURGER KING France 'B-' Rating Affirmed; Proposed Bond Tap Rated 'B-'; PIK Notes Rated ?CCC?; Outlook Stable - S&P Global Ratings’ Credit Research

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

Research Update: BURGER KING France 'B-' Rating Affirmed; Proposed Bond Tap Rated 'B-'; PIK Notes Rated ?CCC?; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: BURGER KING France 'B-' Rating Affirmed; Proposed Bond Tap Rated 'B-'; PIK Notes Rated ?CCC?; Outlook Stable
Published Dec 06, 2017
10 pages (3883 words) — Published Dec 06, 2017
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

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

  
Brief Excerpt:

...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....

  
Report Type:

Research Update

Ticker
1318330D@FP
Issuer
BURGER KING France SAS
GICS
Restaurants (25301040)
Sector
Global Issuers
Country
France
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: BURGER KING France 'B-' Rating Affirmed; Proposed Bond Tap Rated 'B-'; PIK Notes Rated ?CCC?; Outlook Stable" Dec 06, 2017. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-BURGER-KING-France-B-Rating-Affirmed-Proposed-Bond-Tap-Rated-B-PIK-Notes-Rated-CCC-Outlook-Stable-1962572>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: BURGER KING France 'B-' Rating Affirmed; Proposed Bond Tap Rated 'B-'; PIK Notes Rated ?CCC?; Outlook Stable Dec 06, 2017. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-BURGER-KING-France-B-Rating-Affirmed-Proposed-Bond-Tap-Rated-B-PIK-Notes-Rated-CCC-Outlook-Stable-1962572>
  
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