The W$J reports today (click here) that Burger King will be taking on $350 million in additional debt to fund the majority of a $400 million pre-IPO special dividend to its private equity fund owners. IPO proceeds will then be used to pay down the debt, apparently leaving little, if any proceeds, leftover. The article also indicates that the funds will be selling $300 million in shares in the IPO. This IPO is not about positioning BK to overtake Wendyâ€™s or McDonalds. Itâ€™s all about the private equity funds cashing out.