Caribbean Restaurants starts roadshow for $149 million four-year senior secured notes

By Paul A. Harris

St. Louis, Aug. 4 - Caribbean Restaurants, LLC began a roadshow on Monday for its $149 million offering of four-year senior secured notes (B3/B), according to an informed source.

The roadshow is expected to conclude late next week.

Jefferies & Co. and Credit Suisse are joint bookrunners for the offering of notes, which is being marketed via Rule 144A for life and via Regulation S.

The notes come with three years of call protection, a three-year 35% equity clawback and a change-of-control put at 101%.

Proceeds will be used to refinance the company's term loan due on June 30, 2009.

The prospective issuer is a quick-service restaurant franchise in the Puerto Rican market, operating 174 Burger King restaurants. The company has headquarters in Catano, Puerto Rico.

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