Carrols receives tenders of $148.75 million 9½% notes

New York, Dec. 15 - Carrols Corp. said it completed its refinancing including its cash tender offer for any and all of its $170 million principal amount of outstanding 9½% series B senior subordinated notes due 2008.

The company received tenders of $148.747 million of the notes.

Carrols also closed on the sale of $180 million of new 9% senior subordinated notes due 2013 and a $270 million amended and restated credit facility.

The tender offer expired at 11:59 p.m. ET Dec. 14.

Carrols announced the tender on Nov. 16.

The Syracuse, N.Y.-based operator of franchised Burger King restaurants said it will pay total consideration of $1,034.17 per $1,000 principal amount of validly tendered notes accepted for purchase by the company. Tendering holders will also be paid accrued and unpaid interest up to but not including the payment date.

J.P. Morgan Securities Inc. is the dealer manager for the tender offer (call collect at 212 270-7407). MacKenzie Partners Inc. is the information agent (call 800 322-2885 or collect at 212 929-5500). The depositary for the tender offer is The Bank of New York.

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