FAT Brands Inc. Announces Redemption of $43.2 Million of Series B Cumulative Preferred Stock at $23.69 Per Share
24 Outubro 2022 - 7:00AM
FAT (Fresh. Authentic. Tasty.) Brands
Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”), a
leading global franchising company and parent company of iconic
brands including Round Table Pizza, Fatburger, Johnny Rockets, Twin
Peaks, Fazoli’s and 12 other restaurant concepts, today announced
the redemption of 1,821,831 shares of its 8.25% Series B Cumulative
Preferred Stock (NASDAQ: FATBP) from an affiliate of Garnett
Station Partners, for $43.2 million.
The shares of Series B Preferred Stock were
redeemed at a price of $23.69 per share plus accrued and unpaid
dividends to the date of redemption.
“The redemption of this Tranche of Series B
Preferred Stock will yield significant cash flow savings for FAT
Brands as our securitization facility, which funded the
transaction, has a lower cost of capital than the effective
dividend rate on the redeemed preferred stock,” noted Andy
Wiederhorn, CEO of FAT Brands.
About FAT (Fresh. Authentic. Tasty.)
Brands
FAT Brands (NASDAQ: FAT) is a leading global
franchising company that strategically acquires, markets, and
develops fast casual, quick-service, casual dining, and polished
casual dining concepts around the world. The Company currently owns
17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab
Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American
Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express,
Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native
Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza
Steakhouses, and franchises and owns over 2,300 units worldwide.
For more information on FAT Brands, please visit
www.fatbrands.com.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements reflect expectations
of FAT Brands Inc. (“we”, “our” or the “Company”) concerning the
future and are subject to significant business, economic and
competitive risks, uncertainties and contingencies, including but
not limited to uncertainties surrounding the severity, duration and
effects of the COVID-19 pandemic. These factors are difficult to
predict and beyond our control, and could cause our actual results
to differ materially from those expressed or implied in such
forward-looking statements. We refer you to the documents that we
file from time to time with the Securities and Exchange Commission,
such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a
discussion of these and other factors. We undertake no obligation
to update any forward-looking statement to reflect events or
circumstances occurring after the date of this press release.
Investor Relations: ICRMichelle
Michalski IR-FATBrands@icrinc.com646-277-1224
Media Relations:
Erin
Mandzikemandzik@fatbrands.com860-212-6509
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