After June Refinancing Transactions Reduce Secured Leverage,
Carrols Restores Significant Secured Debt Capacity Under Its Credit Agreement,
Declares Special Cash Dividend Payable in Q3

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Carrols Restaurant Group Inc. is one of the largest restaurant companies as well as the largest Burger King franchisee in the United States. As of July 4, 2021, the company operated, as franchisee, 1,027 Burger King restaurants in 23 states and 65 Popeyes restaurants in seven states. On June 23, 2020, the company incurred $75 million of incremental term loans under its senior credit facility (increasing the aggregate outstanding term loan balance to $497 million), and on April 6, 2021, it upsized its revolver to $175 million (from $146 million). To view the Carrols Restaurant capital structure as well as our Americas Covenants team’s coverage of thousands of other stressed and distressed debt situations including the Carrols Restaurant refinancing situation click through here.

Contact: Matt Danese
mdanese@reorg.com