Hunter Posted October 5, 2011 Share Posted October 5, 2011 Any thoughts on whether Sardar gets involved here? "Under the auction rules Friendly's is proposing, rival bidders must offer at least $122.6 million in cash in order to challenge Sun Capital at auction. The restaurant chain is seeking a Nov. 24 bid deadline ahead of a Dec. 1 auction, although this timeline is subject to court approval." He just completed the SNS dividend deal which upstreamed significant capital to the holding company. He has dry powder... Link to comment Share on other sites More sharing options...
Hawk4value Posted October 6, 2011 Share Posted October 6, 2011 ....SNS dividend deal which upstreamed significant capital to the holding company.... Do you know where I can read the details of the "dividend deal", just checked BH website and could not find it. Thanks. Link to comment Share on other sites More sharing options...
Hunter Posted October 7, 2011 Author Share Posted October 7, 2011 The following is a press release from Standard & Poor's: -- U.S. hamburger restaurant operator Steak n Shake issued a $130 million credit facility to fund an approximately $83 million dividend to its parent Biglari Holdings and to refinance existing debt. -- After receiving final documents and reviewing the terms, we are assigning our 'B' corporate credit rating to the company. -- We are also assigning a 'BB-' issue-level rating with a '1' recovery rating to the company's credit facility. -- The stable outlook reflects our expectations that stable operating performance and required debt reduction will enhance Steak n Shake's credit profile over the near term. Link to comment Share on other sites More sharing options...
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