Offering was conducted by bookrunners Raymond James and Stephens
By Devika Patel
Knoxville, Tenn., April 30 - Carrols Restaurant Group, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $9.3 million greenshoe in full for total proceeds of $71.3 million. The offering was announced as a $60 million sale on April 16 and priced for $62 million with the greenshoe on April 25.
The company sold 11.5 million common shares at $6.20 per share. The price per share reflects a 16.32% discount to the April 24 closing share price of $7.17. Of the shares, 1.5 million were part of the fully exercised greenshoe.
Raymond James & Associates, Inc. and Stephens Inc. were the joint bookrunning managers.
Proceeds will be used for the remodeling of the company's restaurants to Burger King Corp.'s 20/20 restaurant image, to acquire additional Burger King restaurants, develop new restaurants and for other general corporate purposes.
Carrols is a Syracuse, N.Y.-based restaurant company that operates Burger King, Taco Cabana and Pollo Tropical restaurants.
| Issuer: | Carrols Restaurant Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $71.3 million (including $9.3 million greenshoe)
|
| Shares: | 11.5 million
|
| Price: | $6.20
|
| Warrants: | No
|
| Bookrunners: | Raymond James & Associates, Inc. and Stephens Inc.
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| Announcement date: | April 16
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| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Stock symbol: | Nasdaq: TAST
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| Stock price: | $7.17 at close April 24
|
| Market capitalization: | $226.2 million
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