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Published on 5/30/2012 in the Prospect News Bank Loan Daily and Prospect News High Yield Daily.

Moody's: Carrols unaffected

Moody's Investors Service said that Carrols Restaurant Group, Inc.'s second-lien secured note increase to $150 million from $140 million is credit negative but its ratings are unaffected.

When combined with the high pricing on the notes (11.25%), Carrols' pro forma credit metrics will be modestly weaker than originally expected, particularly its interest coverage, which will initially be well below one time upon completion of the proposed acquisition of 278 units from Burger King Corp.

However, near-term liquidity will be enhanced by the incremental proceeds, and there is no effect on Carrols' net debt, the agency said.


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