Triarc 5% notes to be convertible for quarter ending April 1

By Laura Lutz

Des Moines, Jan. 18 - Triarc Cos., Inc. announced that its 5% convertible notes due 2023 will be convertible during the quarter ending April 1.

The notes are convertible because the combined closing sale price of one share of the company's class A common stock and two shares of its class B common stock, series 1, exceeded 120% of the current conversion price of $40 for at least 20 trading days in the 30-trading day period ending on Dec. 29.

Each $1,000 principal amount of notes is convertible into 25 shares of the company's class A stock and 50 shares of its class B stock, series 1. Triarc may choose to pay holders in cash instead of class A shares.

As of Jan. 18, $2.1 million principal amount of the notes are outstanding.

Based in New York, Triarc is a holding company for Arby's restaurants.

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