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Restaurant Brands International Inc. (RBI), trading under the symbol QSR, is a global leader in the quick service restaurant (QSR) industry. Founded in 2014 following 3G Capital's acquisition of Tim Hortons International, RBI is headquartered in Toronto, Canada. The company boasts over 30,000 restaurants across more than 100 countries, generating approximately $43 billion in system-wide sales in 2023.
RBI owns and operates four iconic brands: Tim Hortons®, Burger King®, Popeyes Louisiana Kitchen®, and Firehouse Subs®. These brands have a rich history of serving their communities, guests, and franchisees with dedication and quality for decades. Tim Hortons leads in the hot brewed coffee and baked goods market in Canada, while Burger King is renowned globally for its flame-grilled burgers. Popeyes is celebrated for its authentic Louisiana-style fried chicken, and Firehouse Subs is consistently rated highly for its quality and flavor.
RBI's revenue streams are diversified, coming from retail sales at company-owned restaurants, royalty fees, lease income from franchised stores, and Tim Hortons' supply chain operations. The company emphasizes growth and innovation across its brands, leveraging global scale and shared best practices to enhance operational efficiency and customer experience.
Recent strategic initiatives include RBI's acquisition of Carrols Restaurant Group, the largest Burger King franchisee in the U.S., which is set to boost the company's footprint and franchisee profitability through the
Restaurant Brands International (RBI) has announced the pricing of $1.2 billion in 6.125% Senior Secured Notes due 2029, an increase of $200 million from the initially planned offering. The proceeds will refinance a portion of RBI's Term Loan B Facility, which has been reduced to $4.75 billion and repriced to a lower interest rate of SOFR plus 1.75%, down from SOFR plus 2.25%. The refinancing is expected to be net leverage neutral and yield annual net interest savings. The repackaged term loan maintains its September 2030 maturity date with no other significant term changes.
The Notes were offered to qualified institutional buyers and internationally under Regulation S. The Notes are senior secured and guaranteed by RBI's subsidiary entities. The offering is set to close on or around June 17, 2024, subject to standard closing conditions.
On June 6, 2024, Restaurant Brands International (TSX: QSR, NYSE: QSR) announced the election results of its Board of Directors at the Annual Meeting of Shareholders. The meeting saw 89.5% of eligible votes represented, totaling 402,555,067 votes. All ten incumbent directors nominated by the Board were re-elected to serve until the next annual meeting. Notable vote outcomes included Maximilien de Limburg Stirum with 99.55% votes for and only 0.44% against, and Daniel S. Schwartz with 99.61% votes for and 0.37% against. Full voting results will be filed with Canadian and U.S. securities regulators.
On June 6, 2024, Restaurant Brands International (RBI) announced the launch of a $1,000 million offering of First Lien Senior Secured Notes due 2029. The net proceeds will refinance a portion of the existing term loan B facility and cover related fees and expenses, with any remaining funds used for general corporate purposes. The notes will be fully guaranteed on a senior secured basis by RBI's subsidiaries. The offering is targeted at qualified institutional buyers under Rule 144A and investors outside the U.S. under Regulation S. The notes are not registered under the Securities Act and cannot be sold in the U.S. without registration or an exemption.
Restaurant Brands International (RBI) announced that its Chief Financial Officer, Sami Siddiqui, will participate in a fireside chat at TD Cowen's Annual Future of the Consumer Conference on June 4, 2024, at 3:05 PM ET. A live webcast will be available on the RBI investor relations website for 30 days post-event.
RBI, a major player in the quick service restaurant industry, operates over 30,000 restaurants across more than 120 countries, generating over $40 billion in annual sales. The company owns iconic brands like Tim Hortons, Burger King, Popeyes, and Firehouse Subs. RBI is also committed to sustainable practices through its Restaurant Brands for Good framework, focusing on food, the planet, and communities.
Restaurant Brands International (RBI) has appointed Patrick Siewert as Senior Advisor in the Asia-Pacific region. Siewert brings extensive experience, having led Carlyle Group's consumer investments in Asia for 16 years and previously served as COO and Group President for Coca-Cola in Asia. His role includes advising on new franchise partnerships and talent acquisition as RBI aims to open 7,000 new international restaurants by 2028. RBI currently operates over 4,500 restaurants in Asia, with significant presence in China and plans to introduce Firehouse Subs in the region.
Restaurant Brands International (TSX: QSR, NYSE: QSR) announced that Executive Chairman Patrick Doyle will participate in a fireside chat at the Bernstein Annual Strategic Decisions Conference on May 30, 2024, at 8:00 am Eastern Time. The event will be webcast live and accessible on RBI's investor relations website for 30 days post-event.
Restaurant Brands International (RBI) (TSX: QSR) (NYSE: QSR) has completed its acquisition of Carrols Restaurant Group (formerly NASDAQ: TAST) for $9.55 per share, totaling approximately $1 billion. The acquisition adds Carrols' 1,023 Burger King and 59 Popeyes restaurants to RBI's portfolio. RBI plans to invest $500 million in reimaging over 600 Carrols locations before refranchising most of them over the next seven years. Additionally, RBI amended its Credit Agreement, increasing the term loan B facility to $5.9 billion to finance the acquisition.
Restaurant Brands International Inc. reported strong financial results for the first quarter of 2024, with consolidated system-wide sales growing by 8.1% year-over-year. The global comparable sales increased by 4.6%, driven by positive performance across all segments. The company is investing $300 million in a remodel program at Burger King US to achieve a modern image at 85% to 90% of locations by 2028.
Burger King Company announced an additional $300M investment to accelerate the modernization of Burger King® restaurants in the U.S. The investment aims to achieve a 85%-90% modern image in U.S. restaurants by 2028. This investment builds on previous initiatives like the 'Royal Reset' plan and the acquisition of Carrols Restaurant Group. Burger King has seen early positive results from its investments, including record franchisee profitability and strong sales uplifts. The additional investment will launch 'Royal Reset 2.0', providing cash incentives to operators for remodels and rebuilds. The brand expects to achieve its modernization goal by 2028, reinforcing its commitment to enhancing guest experience.
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