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Moody's rates Carrols loan B1, notes B3
Moody's Investors Service said it assigned ratings of B1 and B3, respectively, to the proposed new bank loan and senior subordinated notes of Carrols Corp. The outlook is stable.
Moody's rated Carrols' $250 million secured bank loan B1 and $200 million eight-year senior subordinated notes B3 and affirmed the senior implied rating at B1 and issuer rating at B2.
Net proceeds from the new debt will pay a $141 million dividend to the equity owners and refinance existing long-term debts.
Moody's said negatively impacting the company's ratings are the company's high financial leverage and the challenges in permanently stabilizing operations at Burger King.
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