Burger King Corporation yesterday announced the successful closing of the refinancing of its debt, effective as of July 13. The $1.15 billion transaction will reduce Burger King Corporation's total debt and annual interest expense and will create the Company's first stand-alone bank group since the Company was last independent in 1967.

"This transition marks an important step in Burger King's history," says Greg Brenneman, chairman and CEO of Burger King Corporation. "The refinancing will give BKC the flexibility and resources it needs to fund our future growth. We are especially pleased by the strong market response to our offering."

J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. led the financing as co-lead arrangers and joint bookrunners.

The Company's credit facilities were previously guaranteed by Burger King Corporation's former parent company, the UK-based Diageo plc.