Triarc buys back $82.2 million 5% convertibles

By Angela McDaniels

Seattle, Feb. 3 - Triarc Cos. Inc. entered into a private agreement on Jan. 31 to repurchase $82,234,000 of its 5% convertibles notes due 2023 in exchange for 2,055,850 shares of its class A common stock and 4,262,064 shares of class B common stock and $1,131,983.33 in cash, according to an 8-K report filed with the Securities and Exchange Commission.

The notes will be acquired on or around Friday and would have been convertible into 2,055,850 shares of class A common stock and 4,111,700 shares of class B common stock.

The New York-based restaurant operator expects to record a pre-tax charge of about $4.4 million in connection with this transaction, according to the filing.

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