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Wendy's prices private offering
June 18, 2009
ATLANTA — Wendy's/Arby's Group Inc. has announced that its subsidiary, Wendy's International Holdings LLC (which will be renamed Wendy's/Arby's Restaurants LLC in connection with this offering), has priced its previously announced offering of senior unsecured notes due 2016.
The face value of the notes is $565 million with an interest rate of 10.0 percent. The notes were priced at 97.533 percent of the face value, for gross proceeds of approximately $551 million and representing a yield to maturity of 10.5 percent.
The notes are being made available in a private offering, with closing expected to occur on June 23.
Wendy's/Arby's Restaurants LLC intends to use the proceeds to optionally prepay outstanding debt and distribute the remaining proceeds to Wendy's/Arby's Group for general corporate purposes.
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