Deerfield Capital common stock to be distributed to Triarc shareholders

By Lisa Kerner

Charlotte, N.C., March 12 - Triarc Cos., Inc. said its board of directors has approved the distribution of the company's 9,835,010 shares of common stock of Deerfield Capital Corp. to holders of Triarc's class A common stock and class B common stock through a special dividend.

Triarc received 205,642 shares of Deerfield Capital common stock and 9,629,368 shares of convertible preferred stock in connection with its sale in December of its majority interest in Deerfield & Co. LLC to Deerfield Capital.

Deerfield Capital shareholders approved a one-for-one conversion of the preferred stock into Deerfield Capital stock.

Triarc also received some $48 million principal amount of senior secured notes of Deerfield & Co. in connection with the sale. The company said it will continue to hold the notes following the distribution of Deerfield Capital shares.

Triarc is an Atlanta holding company that operates Arby's restaurants.

Deerfield & Co. is a Chicago-based fixed income asset manager.

Deerfield Capital is a diversified financial company formed to invest in real estate-related securities and other asset classes.

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