Item 8.01. OTHER EVENTS.

On November 12, 2021, Carrols Restaurant Group, Inc. (the "Company") partially terminated its existing interest rate swap with Wells Fargo Bank, N.A. to reduce the notional amount hedged from $220 million to $120 million. The reduction, which was at no cost to the Company, leaves the fixed rate and other terms of its swap arrangement unchanged and provides the Company with the flexibility to repay its outstanding borrowings, including borrowings under its Senior Credit Facilities which previously needed to be maintained at the hedged $220 million notional amount. It is the Company's intention to repay the outstanding balance under its Revolving Credit Facility, which was approximately $47 million as of November 16, 2021, on or by November 30, 2021 with cash on hand, although there is no assurance the Company will repay a portion, or the entire amount, of its outstanding balance under its Revolving Credit Facility.

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