2012年1月27日星期五

Quiznos Completes Restructuring of Debt and Strengthens Financial Position

DENVER, Jan. 24, 2012 /PRNewswire/ – Quiznos, one of the nation’s premier quick-service restaurant chains and pioneer of the toasted sandwich, today announced that the Company has successfully completed its previously announced financial restructuring on an out-of-court basis. The agreement eliminates one-third – or approximately $300 million – of the company’s outstanding debt, and provides a significant infusion of $150 million in new equity from Avenue Capital Group, a global investment firm, to position Quiznos for future growth.
“Improving our balance sheet and putting our capital structure issues behind us are major steps forward to strengthening the Quiznos brand and our customer experience,” said Greg MacDonald, Quiznos Chief Executive Officer. “We look forward to working alongside the Avenue Capital Group team and appreciate the support of all of our lenders during this restructuring process. Along with our dedicated franchise owners and employees, we can now focus primarily on the customer experience and our fresh, high-quality products. This is an exciting time for all of us here.”
Following the successful closing of an exchange offer launched by Quiznos on December 23, 2011, Avenue Capital Group has become the majority owner of the Company through its $150 million equity infusion and the conversion of its debt to equity.
Marc Lasry, CEO of Avenue Capital Group, said, “We are excited to be part of the Quiznos team and look forward to partnering with management in the weeks and months ahead.”
One hundred percent of the aggregate principal amount of the first- and second-lien loans were tendered in the exchange offer. The holders of approximately $650 million in first-lien loans were repaid $75 million in cash and the maturity of the balance of their loans was extended until the five-year anniversary of the closing. Certain lenders also exchanged approximately $150 million of their existing first-lien loans for new second-lien loans, and holders of approximately $225 million of second-lien loans exchanged their loans for a pro rata share of 40 percent of the new equity of the recapitalized Quiznos. In addition, the Company received significant concessions from certain other creditors and stakeholders.  Former equity owners Consumer Capital Partners facilitated the restructuring process and provided certain concessions to allow the restructuring to be completed out of court. 
Quiznos’ financial advisor for the restructuring was Moelis & Company and its legal advisor was Paul, Weiss, Rifkind, Wharton & Garrison L.L.P.  Vinson & Elkins L.L.P acted as the company’s financing counsel.  The financial advisor for Avenue Capital and certain other lenders was Lazard and the legal advisor was Akin Gump Strauss Hauer & Feld LLP.  The financial advisor for first-lien lenders was Blackstone Advisory Partners L.P. and the legal advisor was Willkie Farr & Gallagher LLP.
 About QuiznosNow in its 30th year, Denver-based Quiznos is a national chain designed for today’s busy consumers who are looking for a tasty, freshly prepared alternative to traditional fast-food restaurants. Using premium ingredients, Quiznos restaurants offer creative, chef-inspired recipes for sandwiches, soups and salads.
CNN Money ranked toasty sub pioneer Quiznos as the No. 2 most popular franchise of the past decade in 2010. In 2009, Quiznos’ Toasty Torpedoes® earned a spot as one of the top 10 new product introductions from the Most Memorable New Product Launch Survey. Also in 2009, QSR Magazine ranked Quiznos No. 19 overall in its Top 50 Chains in system-wide sales. In October 2007, Quiznos was recognized for leading the QSR industry in wait time performance by the Mystery Shopping Providers Association’s (MSPA) 2007 Wait Time Study. In May 2007, Zagat’s consumer surveys listed Quiznos in the top 5 for Top Food, Top Facilities, Top Service and Top Overall, ahead of its direct competitors. For further information, please visit www.quiznos.com.
About Avenue Capital GroupAvenue Capital Group is a global investment firm focused on undervalued opportunities in the private and public debt, equity and real estate markets in the U.S., Europe and Asia.  The firm is headquartered in New York, with offices in London, Luxembourg and Munich, and five offices throughout Asia.  As of November 30, 2011, Avenue manages approximately $12.1 billion of assets under management, on behalf of a sophisticated global base of institutional investors, the majority of which is pension funds, and also includes family offices, foundations, insurance companies and sovereign wealth funds.  Avenue was founded in 1995 and draws on the skills and experience of approximately 300 employees worldwide.
Forward-looking StatementsThis press release contains “forward-looking statements,” within the meaning of the federal securities laws that involve risks and uncertainties. All statements herein that address activities, events, conditions or developments that the Company expects or anticipates will or may occur in the future are generally forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
http://tourism9.com/    http://vkins.com/

没有评论:

发表评论