Spartanburg-based Advantica Restaurant Group, one of the largest restaurant companies in the US, has announced the closing of its offer to exchange up to US$212m of registered 12 3/4% senior notes due 2007 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).
Following completion of Advantica’s review of transmittal documents under applicable eligibility requirements, an aggregate of US$88.1m principal amount of Old Notes was accepted by Advantica in the exchange offer which closed on 15 April.
Go deeper with GlobalData
Upon the closing of the exchange offer, Advantica has US$441.5m aggregate principal amount of Old Notes outstanding and US$70.4m aggregate principal amount of New Notes outstanding.
UBS Warburg LLC has acted as the dealer manager in the exchange offer.
