Moody's Investors Service, ("Moody's") today assigned a B3 rating to Carrols Restaurant Group, Inc.'s ("Carrols") proposed $50 million term loan add-on. The net proceeds will be used to repay outstanding loans under the company's revolving credit facility, thereby improving liquidity. Carrols' B3 corporate family rating, B3-PD probability of default rating, B3 first lien bank loan and SGL-3 speculative grade liquidity ratings remain unchanged.
Image source Restaurateurs have been tested perhaps as much as any other group during the COVID-19 crisis. Many restaurants were shut down entirely for some period, or were operating at extremely reduced capacity, making it difficult for large and small restaurant business alike to stay afloat while waiting for a...
Carrols Restaurant Group, Inc. ("Carrols" or the "Company") (Nasdaq: TAST) today announced that due to the public health impact of the coronavirus outbreak (COVID-19) and to support the health and well-being of the Company’s management, stockholders and other meeting participants, the Company's 2020 Annual Meeting of Stockholders will be changed from a hybrid meeting (in person and virtual meeting) to a virtual only meeting to be held solely by means of remote communication. Stockholders will not be able to attend the 2020 Annual Meeting of Stockholders in person.
With that, I will now turn the call over to our chairman and CEO, Dan Accordino. As you will recall from our Q4 call, we began 2020 with optimism with respect to what we intended to accomplish this year in improving operations across our restaurants, resetting our priorities in terms of capital allocation, and generating free cash flow.