Carrols Restaurant Group, Inc. Prices Offering of $300 Million of Senior Notes Due 2029
June 23 2021 - 5:56PM
Carrols Restaurant Group, Inc. (NASDAQ: TAST) (“Carrols Restaurant
Group”) announced today that it has priced a private offering of
$300 million of 5.875% Senior Notes due 2029 (the "Notes"). The
Notes will be issued at par. The offering is expected to close on
June 28, 2021, subject to customary closing conditions.
Carrols Restaurant Group intends to use the net
proceeds of the private offering 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 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 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
STATEMENTSExcept 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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