New Issue: American Restaurant $30 mln 5-years yield 11½%

By Paul A. Harris

St. Louis, Mo., Oct. 31 - American Restaurant Group priced $30 million of series C senior secured notes due 2006 Wednesday at par to yielding 11½%, market sources told Prospect News. Jefferies & Co. was the bookrunner for the Rule 144A offering.

Issuer: American Restaurant Group

Size: $30 million

Maturity: 2006

Type: Senior secured notes

Lead manager: Jefferies & Co.

Coupon: 11½%

Price: Par

Yield: 11.50%

Ratings: Moody's: B2

Further details were not available at press time.

The Los Altos, Calif. company also issued new 11½% series C notes in an exchange offer which concluded at midnight ET on Wednesday. Late in the day Wednesday, American Restaurant said it accepted $113.068 million aggregate principal amount of its outstanding 11½% series B senior secured notes due 2003 in the exchange, equivalent to 79.2% of the amount outstanding.

Holders will receive $1,063.16 principal amount of the new notes for each $1,000 principal of the old notes plus payment in cash of accrued interest.

American Restaurant said it carried out the exchange to extend the maturity of its long-term debt.

End

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.