Fast food restaurant chain McDonald’s Corp (MCD.NYS) Friday announced that it had reached an agreement to franchise nearly 1600 outlets in the Latin America and the Caribbean. The sale proceeds, estimated at $700 million, will be used for the payment of dividends and share buybacks, McDonald’s stated. The company said it will incur a second-quarter charge of $1.6 billion for the Latin American sale to Woods Staton who first opened a McDonald’s store in Argentina as a joint venture partner of the fast food giant. McDonald’s also reported on Friday a 22% rise in its first-quarter operating profits.