Quick Restaurants launches consent solicitation for buyout
Burger King France agreed to buy out Quick Restaurants, and the latter launched a consent solicitation to its bondholders.
However, the group said that it is still unclear whether the proposed acquisition will lead to new debt financing.
Holders of Quick Restaurants’ €440 million of E+475 secured notes due 2019, and €155 million of E+750 unsecured notes due 2019, are being offered €2.50 per €1k denomination to waive the change-of-control put in relation to the acquisition.
Quick Restaurants has been under pressure in recent months on growing concerns about its liquidity position and whether it might trip covenants.
The secured bonds are rated B-/B3, and the unsecured notes CCC/Caa2.
Quick Restaurants is 94% owned by Qualium. Burger King France is majority owned by Groupe Bertrand, and operates 26 restaurants in the country.
