Triarc to distribute shares of Deerfield Capital on April 4

By Lisa Kerner

Charlotte, N.C., March 19 - Triarc Cos., Inc. said it will distribute some 9.82 million shares of Deerfield Capital Corp. to holders of Triarc's class A common stock and class B common stock through a special dividend on April 4.

The record date for the pro rata distribution is March 29, according to a company news release.

The distribution will complete Triarc's transition to a pure play restaurant company.

Triarc said based on the number of Triarc shares currently outstanding, holders of its class A common stock and class B common stock will receive approximately 0.106028 of a Deerfield Capital share for each share of class A common stock and class B common stock held as of the record date.

As previously reported, Triarc received 205,642 shares of Deerfield Capital common stock and 9,629,368 shares of convertible preferred stock in connection with its sale in December of its majority interest in Deerfield & Co. LLC to Deerfield Capital.

Deerfield Capital shareholders approved a one-for-one conversion of the preferred stock into Deerfield Capital stock.

Triarc also received some $48 million principal amount of senior secured notes of Deerfield & Co. in connection with the sale. The company said in a prior news release that it will continue to hold the notes following the distribution of Deerfield Capital shares.

American Stock Transfer & Trust Co. (800 937-5449), Triarc's transfer agent, is the distribution agent for the special dividend.

Triarc, an Atlanta holding company, is the franchisor of the Arby's restaurant system.

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