Food Industry
Industry: Email Alert RSS FeedBK retires $350m debt using funds from IPO
Nation's Restaurant News, June 5, 2006
Miami -- Burger King Holdings Inc., executing a previously reported plan, has retired $350 million in debt with proceeds from its recent initial public stock offering. Reducing the debt level of the franchisor by 25 percent will free up cash flow for future investment spending and greater flexibility in financial markets, BK chief executive John Chidsey said in a statement.
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BK, owner or franchisor of more than 11,100 fast-food outlets in more than 65 countries, raised $393 million in net proceeds from the offering to pay off debt incurred in funding a pre-IPO dividend paid in February to the company's still-majority owners.
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