SYRACUSE, N.Y.--(BUSINESS WIRE)--
Carrols Restaurant Group, Inc. (NASDAQ:TAST) announced today that it has
priced a private offering of $200 million of 8.00% senior secured second
lien notes due 2022. The notes will be issued at par. The offering is
expected to close on April 29, 2015, subject to customary closing
Carrols Restaurant Group intends to use the net proceeds of the private
offering 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
not be registered under the Securities Act of 1933, as amended (the "Securities
Act") or applicable state securities laws, and may not be offered
or sold in the U.S. or to U.S. persons absent registration or an
applicable exemption from such registration requirements. The notes may
be resold by the initial purchasers pursuant to Rule 144A and Regulation
S under the Securities Act.
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 8.00% senior
secured second lien notes due 2022 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.
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 Carrols'
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, plans or guidance 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' filings with the Securities and Exchange
Carrols Restaurant Group, Inc.
Source: Carrols Restaurant Group, Inc.
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