| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Denny's Corp. > News item |
Denny's looking at exchange of 11¼% notes for stock, refinancing 12¾% notes, bank facility
New York, April 21 - Denny's Corp. said it is discussing exchanging its 11¾% senior notes due 2008 for common stock and refinancing its 12¾% senior notes due 2007 and credit facility.
The Spartanburg, S.C., restaurant operator disclosed the proposed recapitalization in an 8-K filing with the Securities and Exchange Commission.
Talks are being held with an ad hoc committee of holders of its 11¼% notes. Denny's signed a confidentiality agreement with the holders on Feb. 4.
Denny's previously said it hired UBS Securities LLC as its financial adviser to assist with the investigation of possible alternatives to improve its long-term liquidity and capital structure.
Denny's had $379 million of the 11¼% notes outstanding as of Dec. 31 and $120.4 million of the 12¾% notes. The 12¾% notes were issued during 2002 in exchanges for the 11¼% notes.
The credit facility matures on Dec. 20, 2004. As of March 15, Denny's had $10 million of borrowings on its revolver, $35.1 million of letters of credit outstanding and $40 million of term loans outstanding.
© 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.