Carrols tenders for 9½% notes

New York, Nov. 16 - Carrols Corp. said that it has begun a cash tender offer for any and all of its $170 million principal amount of outstanding 9½% series B senior subordinated notes due 2008. It set an expiration deadline of 11:59 p.m. ET Dec. 14, subject to possible extension.

Carrols, a Syracuse, N.Y.-based operator of franchised Burger King restaurants, said it will pay total consideration of $1,034.17 per $1,000 principal amount of validly tendered notes accepted for purchase by the company. Tendering holders will also be paid accrued and unpaid interest up to but not including the payment date.

The company said tendered notes may be withdrawn at any time before the tender offer expires but not afterward. The tender offer is conditioned upon the completion by Carrols of a refinancing of its debt, including its senior secured credit facility, among other factors. It is not subject to the receipt of any minimum amount of notes being tendered.

J.P. Morgan Securities Inc is the dealer manager for the tender offer (call collect at 212 270-7407). MacKenzie Partners Inc. is the information agent (call 800 322-2885 or collect at 212 929-5500). The depositary for the tender offer is The Bank of New York.

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