TGI Fridays Pays Back Bonds With Kraft Heinz Licensing Deal [BNN Bloomberg (Canada)]
The Kraft Heinz Company (KHC)
Last the kraft heinz company earnings: 4/30 07:05 am
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US:NASDAQ Investor Relations:
ir.kraftheinzcompany.com/overview
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Source: BNN Bloomberg
The company struck a deal with the food products firm earlier this week, which allowed Kraft Heinz to continue selling TGI Fridays food products and control the license. The proceeds of the sale were used to pay down $137 million of the dining chain's whole business securitization, a type of transaction in which a company effectively pledges most of its assets in exchange for cheap financing. TGI Fridays has about $150 million in debt outstanding from those bonds, the S&P report notes, which were originally issued in 2017. The paydown comes after the firm looked at ways to address the $375 million in bonds, having tapped Guggenheim Partners to explore options ahead of a key repayment date, Bloomberg reported. While whole business deals have final maturities that are years in the future, the bonds do have deadlines by which the borrower must either refinance or agree to reset the interest rate, known as anticipated repayment dates. TGI Fridays faced one such deadline on April 30,
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KHC
Earnings
- 5/1/24 - Beat
KHC
Sec Filings
- 5/8/24 - Form 4
- 5/8/24 - Form 8-K
- 5/6/24 - Form 4
- KHC's page on the SEC website