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

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.

News, Burger King