Moody's rates Carrols Restaurant notes B3

Moody's Investors Service said it assigned a B3 rating to Carrols Restaurant Group, Inc.'s proposed $140 million guaranteed senior secured second lien notes.

Moody's said it also assigned a B3 corporate family rating and B3 probability of default rating to the company. The outlook is stable.

According to Moody's, Carrols announced that its indirect subsidiary, Carrols LLC, will acquire 278 Burger King Corp. restaurants. Proceeds from the proposed notes will be used to refinance existing debt at Carrols LLC and put cash on the balance sheet to fund the remodeling of the restaurants.

The acquisition is conditioned upon obtaining the financing to fund the remodeling program and the refinancing of Carrols LLC debt.

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