Advantica Restaurant Group announced today [Friday] that it is amending 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 (New Notes) for up to US$265m of Advantica’s 11.25% senior notes due 2008 (Old Notes), of which US$529.6m aggregate principal amount is currently outstanding.
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Under the terms of the offer, for each US$1,000 principal amount of Old Notes exchanged, Advantica continues to offer US$770 principal amount of New Notes plus accrued and unpaid interest in cash. In the event that the Old Notes tendered exceed the maximum amount, then Advantica will allocate the New Notes on a pro rata basis.
The exchange offer is being amended to waive the condition that a minimum of US$160,000,000 aggregate principal amount of Old Notes be validly tendered and accepted on or prior to the expiration date, to provide that consummation of the exchange offer is now conditioned on at least US$60,000,000 aggregate principal amount of Old Notes being validly tendered and accepted on or prior to the expiration date, and to revise certain provisions of the indenture governing the New Notes.
Complete information concerning the amendment to the exchange offer is set forth in a prospectus supplement being distributed, together with the original prospectus, to holders of the Old Notes.
The exchange offer has been further extended in connection with this amendment and is scheduled to expire at 5:00pm, New York City time, on 22 March 2002. To date, an aggregate of about US$56.3m Old Notes have been tendered for exchange.
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By GlobalDataUBS Warburg LLC is acting as the dealer manager in the exchange offer. MacKenzie Partners is acting as the information agent, and US Bank National Association is serving as the exchange agent.
