Wendy's to redeem $225 million 6.2% senior notes due 2014 on Oct. 24

By Toni Weeks

San Luis Obispo, Calif., Sept. 24 - Wendy's Co. subsidiary Wendy's International, Inc. said it will use the proceeds of its new incremental term loans along with cash on hand to fund the redemption of its outstanding $225 million principal amount of 6.2% senior notes due 2014.

The notes will be redeemed on Oct. 24. The redemption price will be the greater of par and the sum of the present values of the remaining scheduled payments discounted to the redemption date on a semiannual basis at the Treasury rate plus 25 basis points. In either case, Wendy's will also pay accrued interest to the redemption date.

According to an 8-K filing with the Securities and Exchange Commission, the Dublin, Ohio, fast-food chain amended its credit agreement on Tuesday with Bank of America as administrative agent to arrange for an additional $225 million of term loans, which may be drawn on through Oct. 29.

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