Industry News | May 18, 2006

Burger King Holdings, Inc. Announces Pricing of its Initial Public Offering

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Burger King Holdings, Inc. today announced the pricing of its initial public offering of 25,000,000 shares of common stock, at a price of $17 per share.

The shares will be listed on the New York Stock Exchange and will trade under the symbol "BKC" beginning May 18, 2006. The 25,000,000 shares will be sold by the company. The underwriters have an option to purchase up to an additional 3,750,000 shares from the selling stockholders at the initial public offering price less the underwriting discount.

The company expects to receive net proceeds of approximately $393 million from the offering and intends to use the net proceeds for repayment of $350 million of outstanding debt related to the company's senior secured credit facility with the balance used for general business purposes. The company will not receive any proceeds from a sale of the shares by the selling stockholders if the underwriters exercise their option to purchase additional shares. Following this offering, Burger King Holdings, Inc. will remain majority-owned by the equity sponsor group comprised of Texas Pacific Group, Bain Capital Partners and the Goldman Sachs Funds.

J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated have acted as joint book-running managers for the offering.