September 21, 2014 1:18 PM ET

Hotels, Restaurants and Leisure

Company Overview of Burger King Corporation

Company Overview

Burger King Corporation owns and operates a chain of fast food hamburger restaurants worldwide. It offers breakfast, and lunch and dinner menus, as well as snacks. The company also engages in franchising activities. Burger King Corporation was founded in 1954 and is based in Miami, Florida. The company has operations in North America, Latin America, the Caribbean, Europe, the Middle East, Africa, Singapore, the Asia Pacific, and China. Burger King Corporation operates as a subsidiary of Burger King Holdings, Inc.

5505 Blue Lagoon Drive

Miami, FL 33126

United States

Founded in 1954





Key Executives for Burger King Corporation

Chief Executive Officer and Chief Executive Officer of Burger King Holdings Inc
Age: 44
Chief Accounting Officer
Age: 41
Chief Brand & Operations Officer and Executive Vice President
Age: 43
Chief Diversity Officer
Chief Marketing Officer of North America
Compensation as of Fiscal Year 2014.

Burger King Corporation Key Developments

Burger King Corporation Forms Joint Venture with Everstone Capital Management

Burger King Corporation (BKC) has formed a joint venture (JV) with Everstone Capital Management to enter into the Indian market. The JV plans to invest $100 million to set up 500 outlets in the country over 7-10 years as a franchisee of Burger King.

Burger King Corporation Appoints Jerrell Moore as Chief Diversity Officer

Burger King Corporation announced the appointment of Jerrell Moore as Chief Diversity Officer. In this role, Moore will be responsible for continuing to grow efforts in support of the company's four-pronged diversity and inclusion strategy focused on workforce, guests and community, franchisees and supplier diversity. Previously, Moore served as director of diversity and inclusion at MassMutual Financial Group, where he was responsible for developing several women's leadership initiatives, overseeing employee resource groups (ERGs), and introducing enterprise-wide diversity training and mentoring initiatives.

Burger King Corporation and Burger King Holdings, Inc. Enter into Credit Agreement Dated as of September 28, 2012

On September 28, 2012, Burger King Corporation (BKC) and Burger King Holdings, Inc. (BKH) entered into a credit agreement dated as of September 28, 2012, with JPMorgan Chase Bank, N.A., as administrative agent, Barclays Bank PLC and Bank of America, N.A., as syndication agents, Co. peratieve Centrale Raiffeisen-Boerenleenbank B.A., Rabobank Nederland, New York Branch, HSBC Bank USA, N.A., Goldman Sachs Bank USA, Credit Suisse AG, Cayman Islands Branch and Regions Bank, as documentation agents, and the lenders party thereto from time to time. The new credit agreement provides for (i) tranche A term loans in the aggregate principal amount of $1,030.0 million, (ii) tranche B term loans in the aggregate amount of $705.0 million, in each case under the new senior secured term loan facility, and (iii) a new senior secured revolving credit facility for up to $130.0 million of revolving extensions of credit outstanding at any time (including revolving loans, swingline loans and letters of credit). On September 28, 2012, the full amount of the tranche A term loans and tranche B term loans was drawn and no revolving loans were drawn. The proceeds of the Tranche A term loans and the tranche B term loans were used to repay the term loans outstanding under the Amended and restated credit agreement, dated as of February 15, 2011, among BKH, BKC, JPMorgan, as administrative agent, Barclays Capital, as syndication agent, and the lenders party thereto from time to time. In addition, approximately $11.5 million of letters of credit were issued in order to backstop, replace or roll-over existing letters of credit under the 2011 amended credit agreement. Based on current three-month LIBOR rates, the company expects to achieve annual cash interest savings of approximately $25 million. The tranche A term loans have a five-year maturity, and the tranche B term loans have a seven-year maturity. The new revolving credit facility matures on October 19, 2015, which was the maturity date of the revolving credit facility under the 2011 amended credit agreement. The principal amount of the tranche A term loans amortizes in quarterly installments of (i) $6,437,500 from December 31, 2012 through September 30, 2013, (ii) $12,875,000 from December 31, 2013 through September 30, 2014, (iii) $19,312,500 from December 31, 2014 through September 30, 2015, (iv) $25,750,000 from December 31, 2015 through September 30, 2016, and (v) $32,187,500 from December 31, 2016 through June 30, 2017, with the balance payable at maturity. The principal amount of the Tranche B Term Loans amortizes in quarterly installments equal to 0.25% of the original principal amount of the Tranche B Term Loans, with the balance payable at maturity.

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