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White & Case Advises Initial Purchasers on High Yield Bond Offering by Burger King France S.A.S and Midco GB S.A.S

Global law firm White & Case LLP has advised the initial purchasers on the high yield bond offering by Burger King France S.A.S. and its indirect controlling holding company, Midco GB S.A.S., which closed on November 2, 2021. 

The proceeds of the offering have been used to refinance existing indebtedness. The White & Case team also advised the lenders on Burger King France's new revolving credit facility.

The offering was for €620 million senior secured notes due 2026 issued by Burger King France S.A.S., on which White & Case advised BNP Paribas and J.P. Morgan as Joint Global Coordinators and Joint Bookrunners and BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, Crédit Suisse Bank (Europe), S.A., Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE as Joint Bookrunners, and for €235.0 million pay-if-you-can PIK notes due 2027 issued by Midco GB S.A.S., on which White & Case advised J.P. Morgan and BNP Paribas as Joint Global Coordinators and Joint Bookrunners and BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, Crédit Suisse Bank (Europe), S.A., Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE as Joint Bookrunners.

The notes were offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act and listed on the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF.

The White & Case team which advised the initial purchasers on the high yield bond offering was led by partner Gilles Teerlinck (London), associates Brian Dearing and Pierre Brule (both London) and Alice Chavaillard (Paris). The team which advised the lenders on the new revolving credit facility was led by Samir Berlat (Paris) and associates Charles Connesson, Yasmine Sefraoui and Charlotte Mouradian (all Paris) and was supported on the finance aspects by partner Shane McDonald (London) and associate Sunaina Deol (London). Tax support was provided by partners Chad McCormick (Houston) and Estelle Philippi (Paris) and associates Neil Clausen (Houston) and Claire Sardet (Paris). 

Latham & Watkins advised Burger King France S.A.S. and Midco GB S.A.S. on the high yield bond offering and Burger King France S.A.S. on the new revolving credit facility.

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