Three new McDonald's restaurants are slated to open before month's end.
Arcos Dorados Holdings Inc., parent company of Puerto Rico’s McDonald’s restaurant chain, announced Friday its planned debut as a public company on Wall Street with an initial public offering of nearly 62.5 million Class A shares to be listed on the New York Stock Exchange.
The transaction could raise more than $1 billion, as shares will sell at between $13 and $15, which will be sold to the public, and registered with the U.S. Securities and Exchange Commission. Company shareholders will be offered 50,000 Class A shares as part of the transaction.
Arcos Dorados said it will use $150 million of the proceeds from the sale of its Class A Shares for capital expenditures, “such as opening and remodeling restaurants.”
Arcos Dorados, which bought McDonald’s Corp.’s operations and real estate in Latin America in 2007 for $700 million, owns nearly 1,300 restaurants and oversees another 463 locations owned by franchisees throughout Latin America, including Venezuela, Mexico, Peru, Argentina, Chile, and Brazil.
The company has appointed Bank of America, Merrill Lynch, J.P. Morgan, Morgan Stanley, Itau BBA and Citigroup as underwriters on the offering.
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Business reporter with 27 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.