SYRACUSE, N.Y.--(BUSINESS WIRE)--
Carrols Restaurant Group, Inc. (NASDAQ: TAST), the parent company of
Carrols Corporation, and Carrols Corporation announced today the
completion of Carrols Corporation's tender offer and consent
solicitation for its 9% Senior Subordinated Notes due 2013.
On August 5, 2011, Carrols accepted for purchase and payment
$118,366,000 of the Notes that were validly tendered and not withdrawn
at or prior to 5:00 p.m., New York City time, on August 4, 2011. On
August 22, 2011, Carrols accepted for purchase and payment $400,000 of
additional Notes that were validly tendered after 5:00 p.m., New York
City time, on August 4, 2011 but prior to the expiration of the tender
offer and consent solicitation at 12:00 midnight, New York City time, on
August 18, 2011. In total, the Company purchased $118,766,000 of Notes
in the tender offer and consent solicitation, representing 71.98% of the
outstanding Notes prior to the launch of the tender offer and consent
solicitation.
Also on August 22, 2011, Carrols irrevocably called for redemption the
$46,234,000 principal amount of Notes that remain outstanding by
depositing with the Trustee under the Indenture governing the Notes an
amount of funds sufficient to redeem such Notes, including all accrued
and unpaid interest to the date of redemption. This press release shall
not constitute a notice of redemption under the Indenture governing the
Notes.
Wells Fargo Securities acted as dealer manager and solicitation agent
for the tender offer and the consent solicitation, and D.F. King & Co.
acted as depositary and information agent for the tender offer and
consent solicitation.
This press release is for informational purposes only and is neither an
offer to purchase nor a solicitation of an offer to sell the Notes. The
tender offer and consent solicitation were made solely by means of the
tender offer and consent solicitation documents, including the Offer to
Purchase and Consent Solicitation Statement, dated July 22, 2011, and
the related Consent and Letter of Transmittal, that Carrols Corporation
distributed to holders of Notes. The tender offer and consent
solicitation were not made to holders of Notes in any jurisdiction in
which the making or acceptance thereof would not be in compliance with
the securities, blue sky or other laws of such jurisdiction.
ABOUT CARROLS RESTAURANT GROUP, INC.
Carrols Restaurant Group, Inc., operating through its subsidiaries,
including Carrols Corporation, is one of the largest restaurant
companies in the United States. The Company operates three restaurant
brands in the quick-casual and quick-service restaurant segments with
550 company-owned and operated restaurants in 16 states as of July 3,
2011, and 35 franchised restaurants in the United States, Puerto Rico,
Ecuador, Honduras, Trinidad, Venezuela and the Bahamas. Carrols
Restaurant Group, through its indirect wholly-owned subsidiary Fiesta
Restaurant Group, Inc., owns and operates the Pollo Tropical and Taco
Cabana restaurant businesses. Carrols Restaurant Group is also the
largest Burger King franchisee, based on number of restaurants, and has
operated Burger King restaurants since 1976.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Except for the historical information contained in this news release,
the matters addressed are forward-looking statements. Forward-looking
statements, written, oral or otherwise made, represent the Company's
expectation or belief concerning future events. Without limiting the
foregoing, these statements are often identified by the words "may,"
"might," "believes," "thinks," "anticipates," "plans," "expects",
"intends" or similar expressions. In addition, expressions of our
strategies, intentions or plans, (including, without limitation, the
Company's consideration of a potential spin-off transaction) are also
forward-looking statements. Such statements reflect management's current
views with respect to future events and are subject to risks and
uncertainties, both known and unknown. You are cautioned not to place
undue reliance on these forward-looking statements as there are
important factors that could cause actual results to differ materially
from those in forward-looking statements, many of which are beyond our
control. Investors are referred to the full discussion of risks and
uncertainties as included in Carrols Restaurant Group, Inc.'s and
Carrols Corporation's filings with the Securities and Exchange
Commission.
Investor Relations:
Carrols Restaurant Group, Inc.
800-348-1074,
ext. 3333
Source: Carrols Restaurant Group, Inc.
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