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Hunter

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Everything posted by Hunter

  1. 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.
  2. 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...
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