Following their June refinancing, our Americas Covenants experts have updated their tear sheet to provide more color on our Carrols Restaurant Group covenants analysis. The company operated 1027 Burger King restaurants and 65 Popeyes as of July 4, 2021 and after issuing $300M of 5.875% senior unsecured notes they were able to fully repay their $74M outstanding incremental loans. After their refinancing transactions in June, Carrols Restaurant Group’s first lien net leverage ratio fell to 1.36x from approximately 3.40x. 

Click through and read our full Carrols Restaurant Group covenants analysis including our conclusions on the company’s liquidity and financial covenants, debt and liens, dividends, investments and prepayments and their open market purchase of notes: https://reorg.com/carrols-restaurant-refinancing/

Share this post:
Thank you for signing up
for Reorg on the Record!