American Restaurant Weighs Refinancing Alternatives

American Restaurant Group (ARG) is discussing refinancing alternatives on its bank debt and senior secured bonds with Jefferies & Co., said Bill Taves, cfo and assistant secretary of ARG.

  • 07 May 2004
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American Restaurant Group (ARG) is discussing refinancing alternatives on its bank debt and senior secured bonds with Jefferies & Co., said Bill Taves, cfo and assistant secretary of ARG. This is after the company failed to meet its semi-annual interest payment on $142.6 million of senior secured 11 1/2% bonds.

ARG has limited options since the company is significantly leveraged and has only $2.1 million in cash on hand. The company failed to meet its May bond interest payment and has no further availability under its credit facilities. "We are engaging Jefferies to improve our capital structure," Taves said. In 2001 the company entered into a $15 million credit facility with Wells Fargo Foothill. Additionally, ARG has fully drawn down on a $5 million credit facility with TCW Shared Opportunity Fund III, which it entered into last October. This facility expires in 2006, bears an interest rate of 13% and has a first-priority lien on all the company's assets.

  • 07 May 2004

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4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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