Fiesta Restaurant Group, Inc. Announces Completion of Refinancing

  Fiesta Restaurant Group, Inc. Announces Completion of Refinancing

Business Wire

ADDISON, Texas -- December 11, 2013

Fiesta Restaurant Group, Inc. (“Fiesta” or the “Company”) (NASDAQ:FRGI), the
owner, operator and franchisor of the Pollo Tropical® and Taco Cabana®
fast-casual restaurant brands, today announced it has entered into a new
senior secured credit facility with a new syndicate of lenders led by Wells
Fargo Bank, National Association, as administrative agent and a lender, and
JPMorgan Chase Bank, N.A., as syndication agent and a lender, which provides
for up to $150 million of revolving credit borrowings (including $15 million
available for letters of credit).

Fiesta also announced today the completion of its previously announced cash
tender offer and consent solicitation for its $200 million of 8.875% Senior
Secured Second Lien Notes due 2016 (the "Notes"), which expired at 12:01 a.m.,
New York City time, on December 11, 2013. On November 26, 2013, Fiesta
accepted for purchase and payment $122,701,000 of the Notes that were validly
tendered and not withdrawn at or prior to 5:00 p.m., New York City time, on
November 25, 2013, representing 61.3% of the outstanding principal amount of
the Notes. No additional outstanding Notes were tendered in the tender offer
other than such Notes repurchased on November 26, 2013.

Also on December 11, 2013, Fiesta irrevocably called for redemption the
$77,299,000 principal amount of Notes that remain outstanding and discharged
all obligations under such Notes and the indenture governing such Notes by
depositing with the Trustee under the indenture governing the Notes an amount
of funds sufficient to redeem such Notes, including the Applicable Premium (as
defined in the indenture governing the Notes) as of, and accrued and unpaid
interest to, but not including, the date of redemption, which is December 16,
2013. This press release shall not constitute a notice of redemption under the
indenture governing the Notes.

Fiesta has used the net proceeds of the previously announced underwritten
public offering (completed on November 20, 2013) of 3,105,000 shares of its
common stock, which included 2,700,000 shares of common stock issued and sold
by Fiesta and an aggregate of 405,000 additional shares of common stock that
the underwriters purchased from Fiesta and certain executive officers of
Fiesta, as selling stockholders, upon exercise of their over-allotment option,
of which 378,336 shares of common stock were issued and sold by Fiesta and
26,664 shares of common stock were sold by the selling stockholders, and
revolving credit borrowings under its new senior secured revolving credit
facility, to (i)repurchase all of its outstanding Notes tendered pursuant to
a tender offer and consent solicitation and redeem $77,299,000 principal
amount of the Notes not tendered and repurchased in the tender offer, (ii)pay
related fees and expenses of the transactions above and (iii)for general
corporate purposes. The Company did not receive any of the net proceeds from
the sale of the Company's common stock in the public offering by the selling

Wells Fargo Securities, LLC acted as dealer manager and solicitation agent for
the tender offer and the consent solicitation, and D.F. King & Co, Inc., acted
as tender agent and information agent for the tender offer and consent

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. This press
release also is not a solicitation of consents to the proposed amendments to
the indenture. 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 November 12, 2013,
and the related Consent and Letter of Transmittal, that Fiesta 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

About Fiesta Restaurant Group, Inc.

Fiesta Restaurant Group, Inc. owns, operates and franchises the Pollo
Tropical® and Taco Cabana® restaurant brands with 310 restaurants in the U.S.
and internationally as of September 29, 2013. The brands specialize in the
operation of fast-casual, ethnic restaurants that offer distinct and unique
flavors with broad appeal at a compelling value. Both brands feature
made-from-scratch cooking, fresh salsa bars, and drive-thru service and
catering. For more information about Fiesta Restaurant Group, Inc., visit the
corporate website at

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 Fiesta'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 Fiesta's strategies, intentions or plans, 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 Fiesta's control. Investors are referred to the full
discussion of risks and uncertainties as included in Fiesta's filings with the
Securities and Exchange Commission.


Investor Relations:
Raphael Gross, 203-682-8253
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