...- Elvis UK Holdco Ltd., parent of Restaurant Brands Iberia (RBI), plans to issue 538 million of senior secured notes and a 150 million senior revolving credit facility (RCF). - Coupled with about a 690 million equity injection mainly comprising preference shares, the proceeds will allow new majority shareholder, financial sponsor Cinven, to acquire a 71% stake in RBI from its previous owners. - We assigned our preliminary 'B' long-term issuer credit rating to Elvis UK Holdco and our preliminary 'B' issue-level rating and preliminary '3' recovery rating to the group's proposed 688 million of first-lien debt. - The positive outlook reflects the possibility of an upgrade over the next 12-18 months if the group continues to successfully grow its like-for-like revenue while preserving S&P Global Ratings-adjusted operating margins at 23%-25%, despite the sizable expansion plan, which will likely lead to our adjusted leverage trending below 4.5x in 2022....
