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DavCo Restaurants pulls income securities offering, cites market conditions
By Paul A. Harris
St. Louis, Feb. 4 - DavCo Restaurants Inc. has withdrawn its proposed offering of 7.99 million Enhanced Income Securities (EIS), according to an S-1 filing with the Securities and Exchange Commission.
"Due to current market conditions for public offerings, the company has determined not to effect its initial public offering of Enhanced Income Securities," the filing said.
The securities were slated to be comprised of shares of class A common stock and senior subordinated notes due 2016 and had been talked at $14.50 and $15.50 per EIS.
RBC Capital Markets was the bookrunner.
About $13.0 million of the proceeds were earmarked to repurchase class B common stock from Citicorp Venture Capital Ltd. and affiliates.
The Crofton, Md.-based DavCo is Wendy's International Inc.'s largest franchisee.
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