---
schema_version: "secwatch.filing_event.v1"
accession: "0001618755-24-000035"
form_type: "8-K"
ticker: "RSTRF"
cik: "0001618755"
company_name: "Restaurant Brands International Limited Partnership"
filed_at: "2024-05-16T23:59:59+00:00"
generated_at: "2026-06-01T21:14:48.964821+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# RBI completes $1.0B Carrols acquisition, upsizes term loan to $5.9B

## Summary
- Acquisition of Carrols closed May 16, 2024; all-cash $9.55/share, total enterprise value ~$1.0B.
- RBI will invest $500M to reimage over 600 acquired restaurants, then refranchise most over 7 years.
- Term loan B facility increased from $5.2B to $5.9B under same terms; proceeds used to fund acquisition and retire Carrols debt.
- Acquisition adds largest BK franchisee to portfolio as part of Reclaim the Flame plan.

## SEC filing metadata
- accession: 0001618755-24-000035
- form_type: 8-K
- ticker: RSTRF
- cik: 0001618755
- company_name: Restaurant Brands International Limited Partnership
- filed_at: 2024-05-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618755/000161875524000035/0001618755-24-000035-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618755/000161875524000035/qsr-20240516.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001618755-24-000035
- JSON: https://secwatch.observer/filing/0001618755-24-000035.json
- Plain text: https://secwatch.observer/filing/0001618755-24-000035.txt

## Key facts
- Debt Financings
  Restaurant Brands International Limited Partnership incurred term loan of $5,912 million term loan B facility with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.
  - Instrument: term loan
  - Principal: $5,912 million term loan B facility
  - Counterparty: the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent
  - Event: incurrence
  source text: The 2024 Amendment increases the existing term loan B facility with $5,162 million outstanding to a $5,912 million term loan B facility (the “Term Loan B Facility”) on the same terms as the existing term loan B facility.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1618755/000161875524000035/0001618755-24-000035-index.htm
- Material Agreements
  Restaurant Brands International Limited Partnership amended 2024 Amendment with JPMorgan Chase Bank, N.A., as administrative agent valued at $5,912 million term loan B facility (effective 2024-05-16).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
  - Value: $5,912 million term loan B facility
  - Effective: 2024-05-16
  source text: On May 16, 2024, 1011778 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia (the “Parent Borrower”), and New Red Finance, Inc., a Delaware corporation and a direct wholly owned subsidiary of the Parent Borrower (the “Subsidiary Borrower” and, together with the Parent Borrower, the “Borrowers”) and Restaurant Brands International Limited Partnership, a limited partnership organized under the laws of British Columbia (“Holdings”), each a subsidiary of Restaurant Brands International Inc., a corporation organized under the laws of Canada (the “Company”), entered into Incremental Facility Amendment No. 6 and Amendment No. 9 (the “2024 Amendment”) to the Credit Agreement, dated as of October 27, 2014, as previously amended (as amended, the “Credit Agreement”), by and among the Borrowers, Holdings, the guarantors party thereto, the lenders party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1618755/000161875524000035/0001618755-24-000035-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.