Krystal increases offer prices in tender after receiving $20,000 bids

New York, Dec. 14 - The Krystal Co. increased the range of prices at which it will accept bids in its modified dutch auction tender offer for some of its outstanding 10¼% senior notes due 2007 after receiving tenders for just $20,000 of notes. It also extended the expiration date.

The Chattanooga, Tenn. quick-service restaurant company said it will now accept bids in the range of $700 to $800 per $1,000 principal amount of the notes, up from $600 to $650 previously. Krystal said the offer prices will not be further amended.

As a result, the offer is now for $27 million principal amount of notes, down from $30 million previously.

The new deadline is 5.00 p.m. ET on Dec. 28, pushed back from 5.00 p.m. ET on Dec. 17 previously.

As of 5:00 p.m. ET on Dec. 14, Krystal said it had tenders for $20,000 principal amount of notes.

Banc of America Securities LLC is the dealer manager, SunTrust Bank the depositary, and D.F. King & Co., Inc. the information agent for the tender offer.

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