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.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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The BURGER KING® system operates more than 11,100 restaurants in all 50 states and in more than 65 countries and U.S. territories worldwide. Approximately 90 percent of BURGER KING restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. To learn more about Burger King Holdings, Inc. and Burger King Corporation, please visit the company’s Website at http://www.burgerking.com.
Certain statements made in this news release are forward looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed in our Registration Statement on Form S-1 under the caption "Risk Factors."
CONTACTS:
Edna Johnson BKC Media Relations (305) 378-7516 [email protected]
Lauren Hammann BKC Media Relations (305) 378-3120 [email protected]
Amy Wagner BKC Investor Relations (305) 378-3699 [email protected]
