Mastro's to start roadshow Wednesday for $100 million seven-year notes

By Paul A. Harris

St. Louis, April 24 - Rare Restaurant Group, LLC/RRG Finance Corp., to be renamed Mastro's Restaurants, LLC, will start a roadshow on Wednesday for its $100 million offering of seven-year senior secured notes, according to an informed source.

The roadshow concludes on May 3.

Jefferies & Co. has the books for the Rule 144A transaction.

The notes feature a make-whole call provision for the first four years, after which they become callable at a premium.

The notes also feature a 101 change-of-control put and a 35% equity clawback.

Credit ratings remain to be determined.

Proceeds will be used to help fund the acquisition of five Mastro's Steakhouse restaurants and two Mastro's Ocean Club Fish House restaurants and related assets.

On Jan. 22, the issuers entered into an asset purchase agreement with Prime Restaurants, LLC, Beverly Hills Steakhouse, LLC, Scottsdale Restaurant Group, LLC, Jazini, LLC, Beach Road, LLC, South Coast, LLC, Mastro's Thousand Oaks Restaurant, LLC, Even Par, LLC and Mastro and Mastro Inc. and certain other parties to purchase the Mastro's properties for $180 million.

The company's offices are located in Woodland Hills, Calif.

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