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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Franchise Group, Inc.    FRG


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Franchise : Announces Withdrawal of Proposed Offering of $650 Million Senior Secured Notes

11/04/2020 | 04:06pm EST

ORLANDO, Fla., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”) today announced that it has decided not to proceed with its previously announced offering of $650 million of senior secured notes due 2025 (the “Notes”) at this time as a result of unfavorable market conditions.  

Brian Kahn, the Company’s CEO, said, “Last week, we launched an opportunistic bond offering into a strong bond market. As markets have weakened substantially and we have witnessed several other issuers price transactions wide of their intended targets, we are withdrawing our proposed offering now, but will continue to evaluate our options when market conditions warrant.”

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offers of the Notes were being made only by means of a confidential preliminary offering memorandum.

About Franchise Group, Inc.
Franchise Group is an operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its shareholders. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, American Freight and The Vitamin Shoppe. On a combined basis, Franchise Group currently operates over 4,000 locations predominantly located in the U.S. and Canada that are either Company-run or operated pursuant to franchising agreements.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact, including statements regarding whether the Company will proceed with an offering in the future, the Company’s expectations regarding its financial condition, outlook, its debt reduction plans, and the effects of the coronavirus (COVID-19) pandemic on economic conditions and the industry in general and the financial position and operating results of the Company. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are often accompanied by words that convey projected future events or outcomes such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “potential,” or words of similar meaning or other statements concerning opinions or judgment of the Company or its management about future events. Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from any projected future results, performance or achievements expressed or implied by such forward-looking statements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, many of which are beyond the control of the Company. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Transition Report on Form 10-K/T for the transition period ended December 28, 2019, and comparable sections of the Company’s Quarterly Reports on Form 10-Q and other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. Readers are cautioned not to rely on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

Andrew F. Kaminsky
EVP & Chief Administrative Officer
Franchise Group, Inc.
(914) 939-5161

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Source: Franchise Group, Inc.

2020 GlobeNewswire, Inc., source Press Releases

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Financials (USD)
Sales 2020 2 155 M - -
Net income 2020 27,1 M - -
Net Debt 2020 - - -
P/E ratio 2020 46,4x
Yield 2020 3,11%
Capitalization 1 288 M 1 288 M -
Capi. / Sales 2020 0,60x
Capi. / Sales 2021 0,57x
Nbr of Employees 6 613
Free-Float 66,5%
Duration : Period :
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Technical analysis trends FRANCHISE GROUP, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 5
Average target price 37,00 $
Last Close Price 32,14 $
Spread / Highest target 24,5%
Spread / Average Target 15,1%
Spread / Lowest Target -0,44%
EPS Revisions
Managers and Directors
Brian Randall Kahn President, Chief Executive Officer & Director
Matthew E. Avril Chairman
Shaun York Chief Operating Officer
Eric F. Seeton Chief Financial Officer
Scott Terrell Chief Information Officer
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