---
schema_version: "secwatch.filing_event.v1"
accession: "0001618756-24-000092"
form_type: "8-K"
ticker: "QSR"
cik: "0001618756"
company_name: "Restaurant Brands International Inc."
filed_at: "2024-05-16T23:59:59+00:00"
generated_at: "2026-06-01T21:14:47.299858+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# RBI completes $1.0B acquisition of Carrols Restaurant Group, largest BK franchisee

## Summary
- Completed all-cash acquisition of Carrols for $9.55/share, ~$1.0B enterprise value.
- Adds over 600 Burger King restaurants; RBI to invest $500M in reimaging.
- Increased term loan B facility by $750M to $5.9B under same terms to fund deal.
- Carrols shares to cease trading; plan to refranchise majority over 7 years.

## SEC filing metadata
- accession: 0001618756-24-000092
- form_type: 8-K
- ticker: QSR
- cik: 0001618756
- company_name: Restaurant Brands International Inc.
- filed_at: 2024-05-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618756/000161875624000092/0001618756-24-000092-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618756/000161875624000092/qsr-20240516.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001618756-24-000092
- JSON: https://secwatch.observer/filing/0001618756-24-000092.json
- Plain text: https://secwatch.observer/filing/0001618756-24-000092.txt

## Key facts
- Debt Financings
  Restaurant Brands International Inc. incurred term loan of $5,162 million outstanding to a $5,912 million term loan B facility with the Lenders.
  - Instrument: term loan
  - Principal: $5,162 million outstanding to a $5,912 million term loan B facility
  - Counterparty: the Lenders
  - 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/1618756/000161875624000092/0001618756-24-000092-index.htm
- Material Agreements
  Restaurant Brands International Inc. amended 2024 Amendment with JPMorgan Chase Bank, N.A., as administrative agent valued at $750 million increase (effective 2024-05-16).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
  - Value: $750 million increase
  - Effective: 2024-05-16
  source text: 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/1618756/000161875624000092/0001618756-24-000092-index.htm

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