CBRL to repay $75 million of bank debt using proceeds from Logan's sale

By Sara Rosenberg

New York, Dec. 6 - CBRL Group Inc. plans to reduce outstanding debt under its existing credit facility by $75 million using some proceeds from the sale of Logan's Roadhouse Inc. and cash on hand, according to a company news release.

Remaining proceeds from the sale will be used to fund a modified Dutch Auction tender offer for up to $250 million of the company's common stock at a price range of $42.00 to $46.00 per share, and an open market stock repurchase program allowing for purchases of up to an additional $100 million of the company's common stock.

CBRL is a Lebanon, Tenn.-based operator of Cracker Barrel Old Country Store restaurants and gift shops.

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