Carrols Restaurant Group, Inc. Announces Offering of Senior Notes
June 23 2021 - 8:13AM
Carrols Restaurant Group, Inc. (NASDAQ: TAST) (“Carrols Restaurant
Group”) announced today that it plans to offer, in a private
placement, senior notes due 2029 in the aggregate principal amount
of $300 million (the “Notes”). 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. As of April 4, 2021, the Company owned and operated
1,010 Burger King restaurants and 65 Popeyes® restaurants. Carrols
Restaurant Group intends to use the net proceeds of the private
placement of the Notes and $46 million of revolving credit
borrowings under its senior credit facility (i) to repay $74.0
million of outstanding term loan B-1 borrowings and $244.0 million
of outstanding term loan B borrowings under its senior credit
facility, (ii) to pay fees and expenses related to the offering of
the Notes and the amendment to its senior credit facility, and
(iii) for working capital and general corporate purposes, including
for possible future repurchases of its common stock and/or a
dividend payment and/or payments on its common stock.
The Notes 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 Notes 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 requirements.
This press release is being issued pursuant to
and in accordance with Rule 135(c) under the Securities Act. This
press release is for informational purposes only and is not an
offer to sell or a solicitation of an offer to purchase the
Notes.
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 Restaurant Group'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, 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, including without limitation the impact of COVID-19
on Carrols Restaurant Group’s business, as included in Carrols
Restaurant Group's filings with the Securities and Exchange
Commission.
Investor Relations:Raphael
Gross203-682-8253investorrelations@carrols.com
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