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Last $9.19 USD
Change Today +0.15 / 1.66%
Volume 172.7K
TAST On Other Exchanges
Symbol
Exchange
NASDAQ GS
Berlin
As of 8:10 PM 05/1/15 All times are local (Market data is delayed by at least 15 minutes).

carrols restaurant group inc (TAST) Key Developments

Carrols Restaurant Group, Inc. Receives the Requisite Consents Pursuant to its Tender Offer and Consent Solicitation for its Outstanding 11.25% Senior Secured Second Lien Notes Due 2018

Carrols Restaurant Group, Inc. announced that the company has received the requisite tenders and consents from holders of its 11.25% Senior Secured Second Lien Notes due 2018 to amend the indenture governing such notes and certain security documents entered into with respect to the notes. On April 15, 2015, the company commenced its cash tender offer and consent solicitation relating to the notes pursuant to an offer to purchase and consent solicitation statement, dated April 15, 2015, and a related Consent and Letter of Transmittal, the terms and conditions of the tender offer and consent solicitation. The consent solicitation expired at 5:00 p.m., New York City time, April 28, 2015. Tenders may no longer be withdrawn and consents may no longer be revoked. Holders who tender after 5:00 p.m. New York City time, on April 28, 2015 will not be entitled to the consent payment. As of the expiration of the consent solicitation, holders of $145,500,000 of notes, representing 97% of the outstanding principal amount of the notes, had tendered their notes and consented to the proposed amendments to the indenture governing the notes and certain security documents entered into with respect to the notes. Carrols and The Bank of New York Mellon Trust Company, N.A., the trustee under the indenture governing the notes, have entered into a supplemental indenture that amends the indenture and certain security documents. The supplemental indenture became effective upon execution by Carrols and The Bank of New York Mellon Trust Company, N.A. on April 29, 2015. The amendments became operative when the Notes that had been validly tendered on or prior to the expiration of the consent solicitation were accepted for payment and paid for by Carrols pursuant to the terms of the tender offer on April 29, 2015. The amendments, among other things, eliminate a significant portion of the restrictive covenants, eliminate certain events of default, release all of the collateral securing the obligations of Carrols and the guarantors under the notes and amend the number of days prior to any redemption date that Carrols must send a notice of redemption. The amendments to the indenture are binding upon the holders of notes not tendered into the tender offer. The tender offer and consent solicitation expires at 11:59 p.m., New York City time, on May 12, 2015.

Carrols Restaurant Group, Inc. Plans to Offer Senior Secured Second Lien Notes Due 2022 in the Aggregate Amount of $200 Million

Carrols Restaurant Group, Inc. announced that it plans to offer, in a private placement, senior secured second lien notes due 2022 in the aggregate amount of $200 million. The senior secured second lien notes will be senior secured obligations of Carrols Restaurant Group and will be guaranteed by its subsidiaries. Carrols Restaurant Group intends to use the net proceeds of the private placement of the senior secured second lien notes 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), to pay related fees and expenses and for working capital and general corporate purposes, including for possible future acquisitions and for potential capital expenditures to remodel restaurants.

Carrols Restaurant Group, Inc. Commences Cash Tender Offer and Consent Solicitation for Its Outstanding 11.25% Senior Secured Second Lien Notes Due 2018

Carrols Restaurant Group, Inc. announced that it has commenced an offer to purchase for cash any and all of the $150 million outstanding principal amount of its 11.25% Senior Secured Second Lien Notes due 2018. In conjunction with the tender offer, Carrols is soliciting consents to effect certain proposed amendments to the indenture governing the Notes and certain security documents. The tender offer and consent solicitation are being made pursuant to an Offer to Purchase and Consent Solicitation Statement, dated April 15, 2015, and a related Consent and Letter of Transmittal, which set forth the terms and conditions of the offer and consent solicitation in full detail. The tender offer will expire at 11:59 p.m., New York City time, on May 12, 2015, unless the tender offer is extended or earlier terminated. The total consideration to be paid for each $1,000 principal amount of the Notes tendered prior to 5:00 p.m., New York City time, on April 28, 2015 (such date and time, as may be extended, the Consent Date), and not validly withdrawn, will be $1,063.75. The total consideration includes a consent payment of $30.00 per $1,000 principal amount, which is payable only to holders who tender their Notes and validly deliver their consents prior to the Consent Date. Holders who tender their Notes after the Consent Date, but on or prior to the Expiration Date, will receive the tender offer consideration of $1,033.75, which is the total consideration minus the consent payment. Tendering holders will also receive accrued and unpaid interest from the most recent interest payment date for the Notes to, but not including, the applicable payment date. The tender offer and consent solicitation includes an early settlement option so that holders whose Notes are validly tendered prior to the Consent Date and accepted for purchase could receive payment on an initial payment date, which is expected to be as early as April 29, 2015. Tendered Notes may not be withdrawn and consents may not be revoked after 5:00 p.m., New York City time, on April 28, 2015.

Carrols Restaurant Group, Inc. Announces Revenue Results for the First Quarter Ended March 29, 2015; Provides Earnings Guidance for the First Quarter Ended March 29, 2015

Carrols Restaurant Group, Inc. announced revenue results for the first quarter ended March 29, 2015. For the quarter, the company reported total revenues increased 27.5% to $193.2 million from $151.5 million in the first quarter of 2014 including $32.5 million in sales from 123 BURGER KING restaurants that were acquired in 2014. Comparable restaurant sales increased 8.4% compared to a 2.5% decrease in the prior year period. The company provided earnings guidance for the first quarter ended March 29, 2015. The company announced that restaurant-level EBITDA (a non-GAAP financial measure) is expected to be approximately $18.5 million to $19.0 million compared to $13.2 million in the prior year period and adjusted EBITDA (a non-GAAP financial measure) is expected to be approximately $7.5 million to $8.0 million compared to $3.3 million in the prior year period.

Carrols Restaurant Eyes Acquisitions

Carrols Restaurant Group, Inc. (NasdaqGS:TAST) is looking for acquisitions. The company plans to offer in a private placement, senior secured second lien notes due 2022 in the aggregate amount of $200 million. The company intends to use the net proceeds of the private placement to repurchase its outstanding $150 million principal amount of 11.25% senior secured second lien notes due 2018 tendered pursuant to a tender offer, to pay related fees and expenses and for working capital and general corporate purposes, including for possible future acquisitions and for potential capital expenditures to remodel restaurants.

 

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