Restaurant Brands International Inc. said Aug. 9 that its shareholder, HL1 17 LP, an affiliate of 3G Capital Partners Ltd., has upsized its offering of Restaurant Brands common stock to 24,000,000 shares from the initial 20,000,000.
HL1 17 on Aug. 8 notified the Canadian fast-food chain operator about its plan to exchange the class B common shares it holds in Restaurant Brands. HL1 17 planned to enter into a forward sale agreement with Morgan Stanley with respect to the shares, which is expected to settle on or before Aug. 29.
Restaurant Brands, which owns, operates and franchises Tim Hortons coffee chains and Popeyes and Burger King fast-food restaurants, noted that it does not plan to sell any common shares in the offering and that it will not receive any proceeds from the sale of HL1 17's common shares in the company.
The offering is expected to close Aug. 13, subject to customary closing conditions.