Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Triarc Cos., Inc. > News item |
Triarc greenshoe exercised, raising convertibles to $175 million
New York, May 19 - Triarc Cos., Inc. said underwriters of its recent offering of 5% convertible notes due 2023 exercised the $25 million over-allotment option in full, raising the size of the deal to $175 million.
The New York-based restaurant operator originally sold $150 million of convertibles after the market closed on May 13, selling them to yield 5.0% with a 43.88% initial conversion premium.
The bookrunner for the Rule 144A offering was Morgan Stanley.
In connection with the sale, Triarc repurchased 1.5 million shares of class A common stock from buyers of the convertibles for $41.7 million, or $27.80 per share. The buyback was part of the company' previously announced $50 million stock repurchase program.
The remaining $126.6 million will be used for general corporate purposes.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.