AFC Enterprises roadshow for $155 million seven-year notes to start Nov. 15 week

By Paul A. Harris

St. Louis, Nov. 2 - AFC Enterprises Inc., the Atlanta-based franchisor of Church's Chicken restaurants, among other brands, will begin a roadshow during the week of Nov. 15 for a $155 million offering of seven-year senior secured notes, according to a syndicate source.

SunTrust Robinson Humphrey will run the books for the transaction, which will be sold via Rule 144A, with no registration rights.

The notes will be non-callable for four years.

Ratings have not yet been assigned to the notes, according to the source who added that ratings in the B3/B-minus context are anticipated.

Proceeds will be used to back AFC's sale of the Church's Chicken brand to Crescent Capital Investments Inc. for $390 million.

AFC is an Atlanta-based franchisor and operator of 4,109 restaurants, bakeries and cafes in the United States, Puerto Rico and 38 foreign countries under the brand names Popeyes, Chicken & Biscuits, Church's Chicken and Cinnabon, and the franchisor of Seattle's Best Coffee in Hawaii, on military bases and internationally.

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