Triarc, Deerfield Triarc complete Deerfield & Co. deal

By Lisa Kerner

Charlotte, N.C., Dec. 21 - Deerfield Triarc Capital Corp. acquired Deerfield & Co., LLC from Triarc Cos., Inc.

Beginning Monday, Deerfield Triarc will trade on the New York Stock Exchange under its new name, Deerfield Capital Corp., and will retain its current trading symbol, "DFR," according to a company news release.

Triarc and other members of Deerfield received some $75 million total principal amount of five-year senior secured notes bearing an initial interest rate of Libor plus 500 basis points and 15 million shares of newly issued Deerfield Capital series A cumulative convertible preferred stock.

The series A stock will be converted on a one-for-one basis into Deerfield Capital common stock upon shareholder approval.

Alternatives for the shares of Deerfield Capital convertible preferred stock, as well as the underlying Deerfield Capital common stock to be received by Triarc, are under review, a Triarc news release stated.

Deerfield Capital expects to enhance the efficiency of its cost structure with the acquisition of Deerfield, which is its investment manager.

Following the sale of Deerfield, Triarc's sole operating business is the Arby's restaurant business.

Deerfield Capital's chief executive officer Jonathan Trutter, president Robert Grien and chief financial officer Richard Smith will continue in their current roles.

Triarc is an Atlanta holding company.

Deerfield is a Chicago-based fixed income asset manager.

Deerfield Capital is a diversified financial company formed to invest in real estate-related securities and other asset classes.

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