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Checkers Closes $160 Million Notes Offering
- Client News
- November 20, 2012
Paul, Weiss advised Checkers Drive-In Restaurants, Inc., a leading North American hamburger quick-service restaurant chain and a portfolio company of our long-time client Wellspring Capital Management LLC, in a Rule 144A/Regulation S offering of $160 million of 11.000% Senior Secured Notes due 2017. Jefferies & Company, Inc. acted as sole bookrunner for the offering, which closed on November 16. The proceeds of the Notes were used to repay Checkers' existing term loan facilities and to make a distribution to its equity holders. Checkers also amended its existing revolving credit facility to increase the availability thereunder.
The Paul, Weiss team advising Checkers included, among others, corporate partners Eric Goodison, Raphael Russo and James Schwab; environmental counsel William O'Brien; and tax partner Brad Okun.