Spartanburg-based restaurant company Advantica Restaurant Group, has announced the expiration of its offer to exchange up to US$212m of registered 12 3/4% 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 1/4% senior notes due 2008 (Old Notes), of which US$529.6m aggregate principal amount is currently outstanding.
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Advantica reported that an aggregate of about US$89m principal amount of Old Notes was tendered in the exchange offer which exceeds the minimum tender condition of US$50m. The final total of tendered and accepted Old Notes will be subject to certain guaranteed delivery procedures and Advantica’s final review of the transmittal documents and acceptance of Old Notes validly tendered.
The exchange offer expired at 5:00 pm, New York City time, on 9 April 2002 and is expected to close on 15 April 2002.
Subject to the foregoing, upon the closing of the exchange offer, Advantica will have US$71.2m aggregate principal amount of New Notes outstanding and US$440.6m aggregate principal amount of Old Notes outstanding.
UBS Warburg LLC has acted as the dealer manager in the exchange offer.
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