Carrols Restaurant Group, Inc. Plans to Offer Senior Secured Second Lien Notes Due 2022 in the Aggregate Amount of $200 Million
Apr 15 15
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
Apr 15 15
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p.m., New York City time, on April 28, 2015 (such date and time, as may be extended, the Consent Date), and not validly withdrawn, will be $1,063.75.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
Apr 15 15
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.