The Advantica Restaurant Group, one of the largest restaurant companies in the US, yesterday [Monday] announced the same-store sales for company-owned restaurants during the four weeks ended 23 January 2002, compared to the same period in 2001.
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Four Weeks/Jan. 2002
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Same-Store Sales
Denny’s 0.5%
Coco’s (6.7%)
Carrows (2.2%)
Guest Check Average
Denny’s 1.3%
Coco’s 2.5%
Carrows 1.1%
The group has also extended to 5:00pm, New York City time, on 1 March 2002, its offer to exchange up to US$204.1m of registered 12.75% senior notes due 2007 to be jointly issued by Denny’s Holdings and Advantica (the “New Notes”) for up to US$265m of Advantica’s 11.25% senior notes due 2008 (the “Old Notes”), of which US$529.6m aggregate principal amount is currently outstanding.
The exchange offer was scheduled to expire at 5:00 pm, New York City time, on 22 February 2002. Except for the extension of the expiration date, all other terms and provisions of the exchange offer remain as set forth in the exchange offer prospectus previously furnished to the holders of the Old Notes.
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By GlobalDataTo date, an aggregate of approximately US$64.8m Old Notes have been tendered for exchange.
