Buffets Holdings to offer $100 million discount notes via CSFB

By Paul A. Harris

St. Louis, Jan. 27 - Buffets Holdings Inc. announced plans on Tuesday to offer $100 million of senior discount notes.

Credit Suisse First Boston will be the bookrunner on the Rule 144A offering, according to market sources.

Proceeds, along with cash on hand and borrowings from an amended credit facility, will be used to refinance the company's term loan, to redeem Buffets' 11¼% senior subordinated notes due 2010 and/or repay bank debt, redeem Buffets Holdings' series A senior subordinated and series B junior subordinated notes due 2011, and make a distribution to stockholders.

No timing or details on the structure of the new notes were heard on the deal. The company did not return a telephone call Tuesday from Prospect News.

The company is an Eagan, Minn.-based restaurant operator and franchisor.

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