SYRACUSE, N.Y.--(BUSINESS WIRE)--
Carrols Restaurant Group, Inc. (NASDAQ:TAST) announced today that it
plans to offer, in a private placement, senior secured second lien notes
due 2022 in the aggregate amount of $200 million. Carrols Restaurant
Group is the largest U.S. Burger King® franchisee based on the number of
restaurants and has owned and operated Burger King restaurants since
1976. The senior secured second lien notes will be senior secured
obligations of Carrols Restaurant Group and will be guaranteed by its
Carrols Restaurant Group intends to use the net proceeds of the private
placement of the senior secured second lien notes (i) to repurchase its
outstanding $150 million principal amount of 11.25% senior secured
second lien notes due 2018 tendered pursuant to a tender offer (or
through a redemption or other repurchase or retirement of any such notes
not purchased in a tender offer), (ii) to pay related fees and expenses
and (iii) for working capital and general corporate purposes, including
for possible future acquisitions and for potential capital expenditures
to remodel restaurants.
The senior secured second lien notes of Carrols Restaurant Group will be
offered only to persons reasonably believed to be qualified
institutional buyers under Rule 144A of the Securities Act of 1933, as
amended (the "Securities Act"), and to
non-U.S. persons in transactions outside the United States under
Regulation S under the Securities Act. The senior secured second lien
notes of Carrols Restaurant Group will not be registered under the
Securities Act and may not be offered or sold in the U.S. or to U.S.
persons absent registration or an applicable exemption from registration
This press release is for informational purposes only and is not (i) an
offer to sell or a solicitation of an offer to purchase the senior
secured second lien notes of Carrols Restaurant Group, or (ii) an offer
to purchase or a solicitation of an offer to sell, Carrols Restaurant
Group's outstanding 11.25% senior secured second lien notes due 2018.
This press release also is not a solicitation of consents to the
proposed amendments to the indenture.
Carrols Restaurant Group, Inc.
Source: Carrols Restaurant Group, Inc.
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