By Ronda Fears
Nashville, May 14 - Triarc Cos. Inc. sold an upsized $150 million of convertible senior notes at par to yield 5.0% with a 43.88% initial conversion premium via lead manager Morgan Stanley.
The deal, upsized from $125 million, sold at the aggressive end of yield talk for a 5.0% to 5.5% coupon. The Rule 144A offering had been scheduled for after the close Wednesday but was priced a day earlier.
Concurrently, Triarc is repurchasing 1.5 million shares of Class A shares from purchasers of the convertible for $41.7 million, or $27.80 per share.
Remaining proceeds will be used for general corporate purposes, which may include working capital, repayment of debt, acquisitions, share repurchases and investments.
Terms of the deal are:
Issuer: Triarc Cos. Inc.
| Issue: | Convertible senior notes
|
| Lead manager: | | Morgan Stanley
|
| Amount | $150 million, upped from $125 million
|
| Greenshoe: | $25 million, unchanged
|
| Maturity: | May 20, 2023
|
| Coupon: | 5.0%
|
| Price: | par
|
| Yield: | 5.0%
|
| Conversion premium: | 44%
|
| Conversion price: | $40.00
|
| Conversion ratio: | 25.00
|
| Call: | Non-callable for seven years
|
| Put: | In years 7, 12 and 17
|
| Contingent Conversion: | 120%
|
| Settlement: | May 19
|
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