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AFC bought back $23.1 million notes, looking to refinance or extend bank facility
New York, Feb. 20 -AFC Enterprises, Inc. said it repurchased $23.1 million of its 10¼% senior subordinated notes due 2007 during 2001.
The company said in a filing with the Securities and Exchange Commission that those buybacks - all at a premium - followed repurchases of $17.0 million during 2000 and $8.0 million at a slight discount in 1999.
The 2001 repurchases were funded with cash from operations, credit facility borrowings and proceeds from the sale of company-operated units to franchisees.
The company said it may buy back more of the debt.
AFC also paid down $79.9 million of its bank credit facility during 2001, funded with $46.0 million in proceeds from its initial public offering and $6.3 million from the exercise of options to purchase common stock.
Principal repayments on its credit facility in 2000 were $12.7 million and $10.4 million in 1999 although in the latter year it amended the facility and borrowed an additional $25 million.
The Atlanta, Ga. quick service restaurant operator also said that it intends to refinance or amend its credit facility before June 30, 2002 to extend the maturity date, among other things.
AFC's facility is a $50 million term loan A, a $75 million term loan B, a $25 million revolving credit facility and a $100 million acquisition facility. Lenders are Goldman Sachs Credit Partners LP and Canadian Imperial Bank of Commerce.
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