How much will Arbys offer in senior unsecured notes?
Wendy’s/Arby’s Group (WEN) To Offer $550M In Senior Unsecured Notes June 10, 2009 4:23 PM EDT Wendy’s/Arby’s Group, Inc. (NYSE: WEN) said its subsidiary, Wendy’s International Holdings, LLC has commenced an offering of $550 million aggregate principal amount of its senior unsecured notes due 2016. Wendy’s/Arby’s Restaurants, LLC intends to use the proceeds to optionally prepay approximately $125 million in borrowings outstanding under its existing senior secured term loan (and to pay accrued interest with respect to such borrowings), to pay the financing costs and other expenses in connection with the issuance of the Notes and to make a distribution of the remaining proceeds to Wendy’s/Arby’s Group. Wendy’s/Arby’s Group will use the proceeds of the distribution for general corporate purposes, which may include working capital, funding for key strategic growth initiatives, including new unit development, acquisitions of other restaurant companies, repayment or refinancing of indebtednes
Wendy’s/Arby’s to offer $550 million in notes ATLANTA Fast-food chain operator Wendy’s/Arby’s Group Inc. said Wednesday its restaurants unit has begun an offer of $550 million in senior unsecured notes due 2016. Wendy’s International Holdings LLC, which will be renamed Wendy’s/Arby’s Restaurants LLC, plans to use proceeds of the offering to prepay about $125 million in borrowings outstanding under its existing senior secured term loan and costs related to issuing the notes. Remaining proceeds will be used by Wendy’s/Arby’s Group for general corporate purposes. Shares fell 15 cents, or 3.6 percent, to close at $4. Sources: http://www.businessweek.com/ap/financialnews/D98O1J0G1.
