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Cracker Barrel Announces Pricing Of $275 Million Private Offering Of Convertible Senior Notes Due 2026
LEBANON, Tenn., June 16, 2021 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL), today announced the
About this update from Cracker Barrel Old Country Store, Inc.
[{"type":"text","content":"\n LEBANON, Tenn., June 16, 2021 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (\"Cracker Barrel\" or the \"Company\") (Nasdaq: CBRL), today announced the pricing of its offering of $275 million aggregate principal amount of 0.625% convertible senior notes due 2026 (the \"notes\") in a private offering only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). Cracker Barrel also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional $25 million aggregate principal amount of notes in the private placement. The issuance and sale of the notes are scheduled to settle on or about June 18, 2021, subject to customary closing conditions.\nThe notes will be senior, unsecured obligations of Cracker Barrel and will accrue interest at a rate of 0.625% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2021. The notes will mature on June 15, 2026, unless earlier repurchased, redeemed or converted. The notes will be convertible by the noteholders prior to the close of business on the business day immediately preceding December 15, 2025 only under certain circumstances and during certain periods, and irrespective of those circumstances, will be convertible by the noteholders on or after December 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date. The initial conversion rate will be 5.3153 shares of Cracker Barrel's common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $188.14 per share of Cracker Barrel's common stock, which represents a premium of 25% over the last reported sale of $150.51 per share of Cracker Barrel's common stock on June 15, 2021), subject to adjustment in certain circumstances. Upon conversion, the notes may be settled, at Cracker Barrel's election, in cash, and, if applicable, shares of Cracker Barrel's common stock.\nThe notes will also be redeemable, in whole or in part, for cash at Cracker Barrel's option at any time on or after June 15, 2024 and on or before the 25th scheduled trading day immediately be...