Carrols Restaurant Group, Inc. Price Offer of $ 300



SYRACUSE, NY, June 23, 2021 (GLOBE NEWSWIRE) – Carrols Restaurant Group, Inc. (NASDAQ: TAST) (“Carrols Restaurant Group”) today announced that it has priced a private offering of $ 300 million 5.875% senior bonds due 2029 (the “Bonds”). Tickets will be issued at par. The offer is scheduled to close on June 28, 2021, subject to customary closing conditions.

Carrols Restaurant Group intends to use the net proceeds of the private placement of the Notes and $ 46 million of revolving credit borrowings under its Senior Credit Facility (i) to repay $ 74.0 million outstanding B-1 term loans and $ 244.0 million outstanding B term loans under its senior credit facility, (ii) to pay the fees and expenses related to the offering of the Bonds and the modification of its senior credit facility, and (iii) for working capital and general corporate needs, including for possible future repurchases of its common shares and / or a payment of dividends and / or payments on its common stock.

The Securities will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and may not be offered or sold in the United States or to US nationals in the absence of registration or an exemption from these registration requirements. The Securities may be resold by original purchasers in accordance with Rule 144A and Regulation S of the Securities Act.

This press release is issued in accordance with Rule 135 (c) of the Securities Act. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase the Notes.

With the exception of historical information contained in this press release, the matters discussed are forward-looking statements. Forward-looking statements, whether written, oral or otherwise, represent the expectations or beliefs of Carrols Restaurant Group regarding future events. Without limiting the foregoing, these statements are often identified by the words “may”, “might”, “believes”, “thinks”, “anticipates”, “plans”, “expects”, “intends”. Or similar expressions. In addition, expressions of our strategies, intentions, plans or directions are also forward-looking statements. These statements reflect the current views of management regarding future events and are subject to risks and uncertainties, known and unknown. You are cautioned not to place undue reliance on these forward-looking statements, as there are important factors that could cause actual results to differ materially from those of forward-looking statements, many of which are beyond our control. Investors are referred to the full discussion of risks and uncertainties, including, without limitation, the impact of COVID-19 on the business of Carrols Restaurant Group, as included in the filings by Carrols Restaurant Group with the Securities and Exchange Commission.

Investor Relations:
Raphael Gross
investor [email protected]



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