American Restaurant to sell $30 mln senior secureds via Jefferies

By Paul A. Harris

St. Louis, Mo., Oct. 2-American Restaurant Group, Inc. announced a private offering of $30 million 11½% series C senior secured notes due 2006 on Tuesday. Jefferies & Co. is the bookrunner, according to a source close to the deal.

Timing on the offering could not be obtained.

The company also announced Tuesday that it had commenced an exchange offer for all of its outstanding 11½% Series B Senior Secured Notes due 2003. The offer will expire midnight ET on Tuesday, Oct. 30, 2001, unless extended or terminated.

American Restaurant is offering to exchange those notes for 11½% series C senior secured notes due 2006, part of the same series as the new offering.

The Los Altos, California restaurant company plans to use the proceeds from the new deal to refinance its existing indebtedness, to pay the accrued and unpaid interest with respect to the Notes, and for general corporate purposes.

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