Underwriters for Carrols Holdings Corp., the largest franchisee of Burger King Holdings Inc., has set the terms of its pending initial public offering at 15 million common shares with an estimated, per-share price range of $14 to $16.
The Syracuse, N.Y.-based company, which operates 328 Burger King restaurants, had filed in late September for an IPO of up to $210 million in common stock but didn’t provide details of the offering terms at the time.
According to a government filing, Carrols Holdings is selling about 5.67 million shares while some stockholders are selling about 9.33 million shares.
Carrols, whose September filing came 4 months after Burger King launched its own IPO, said Friday it estimates it will receive net proceeds of $76 million from the offering, assuming a price of $15 a share, the midpoint of its price range.
Carrols won’t get any of the proceeds from the sale of shares by the selling stockholders. The company said it intends to use all of the net proceeds from the offering to repay about $76 million in debt.
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