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Wendy's/Arby's announces $550M private offering to repay debt
June 10, 2009
ATLANTA — Wendy's/Arby's Group Inc. has announced that its subsidiary, Wendy's International Holdings LLC (to be renamed Wendy's/Arby's Restaurants LLC), has commenced an offering of $550 million of its senior unsecured notes due 2016 in a private offering.
Wendy's/Arby's Restaurants LLC intends to use the proceeds to optionally prepay approximately $125 million in borrowings outstanding and accrued interest under its existing senior secured term loan, 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 indebtedness and the return of capital to its stockholders, including through stock repurchases and/or dividends.
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