CBRL Group to call all $422.03 million of LYONs due 2032

By Laura Lutz

Des Moines, April 25 - CBRL Group, Inc. plans to redeem all of its outstanding Liquid Yield Option Notes due 2032 on June 4.

There is $422.03 million principal amount at maturity of the notes currently outstanding.

Holders may convert the notes at any time up to two business days before the redemption. Each $1,000 principal amount of notes is convertible into 10.8584 shares, equal to a conversion price of about $92.09 per share.

At any time before 5 p.m. ET on April 30, holders may also choose to exchange existing notes for an equal amount of a new issue of zero-coupon senior convertible notes due 2032 plus an exchange fee.

If all of the notes are redeemed, the company will pay a total of about $201 million to redeem them.

The redemption will be funded with the company's existing delayed-draw term loan facility and cash on hand.

The company expects the trustee to send a redemption notice by May 4.

Based in Lebanon, Tenn., CBRL operates Cracker Barrel Old Country Store restaurants and gift shops.

On Thursday, the company's stock gained 36 cents, or 0.8%, to close at $45.23.

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