Burger King Sells $2.25 Billion of Debt to Fund Purchase

Burger King Worldwide Inc. issued $2.25 billion of notes to help fund its about $11 billion purchase of coffee-and-doughnut chain Tim Hortons at the high end of its proposed yields as demand for speculative-grade debt slumped for a third day.

The fast-food company sold the second-lien notes that mature in April 2022 at a yield of 6 percent. Burger King had offered the debt at a yield of 5.75 percent to 6 percent, according to a person with knowledge of the offering who asked not to be identified because the terms were private.