New World Restaurant looking to refinance notes, revolver prior to June maturities

By Sara Rosenberg

New York, May 13 - New World Restaurant Group Inc. is actively pursuing options to refinance its $140 million senior increasing rate notes that mature on June 15 and its revolver that matures on June 1 prior to the stated maturities. However, no commitments for the refinancings have been obtained at this point.

Options being looked at include the issuance of debt or equity or a combination and obtaining additional bank financing, according to a news release.

"If the company is unable to obtain sufficient financing on satisfactory terms and conditions, it may not be able to continue its operations as presently conducted. The company's ability to obtain financing will depend upon a number of factors, many of which are beyond its control," the news release said.

New World is a Hamilton, N.J. operator of casual sandwich restaurants, a dough production facility and a coffee roasting plant.

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