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FAT Brands plans up to $30 million 8.25% cumulative preferreds in best-efforts offering
By James McCandless
San Antonio, Sept. 16 – FAT Brands Inc. plans to price up to $30 million of $25-par series B cumulative preferred stock with a dividend of 8.25% in a best-efforts offering, according to a press release.
TriPoint Global Equities, LLC is the bookrunner.
Digital Offering, LLC is a co-manager.
Each share of the preferreds will come with a common stock purchase warrant for 0.60 of a share exercisable at $8.50 per share.
The preferreds are redeemable after one year at 110%, after two years at 105% and after three years at par. The company plans to redeem the preferreds after five years.
FAT Brands plans to use the proceeds to refinance existing debt, as well as for general working capital and future acquisitions.
FAT Brands is a Beverly Hills, Calif.-based restaurant company.
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