This is a interesting development. Wendy's bonds have been on my junk watch list and have traded recently anywhere between $130 - $100 under par or in the upper $80.00 range to low $90.00 range.Arby's has been a major drag. Wendy's is now selling off Arby's for $130M in cash, but more importantly, the private group making the purchase will be assuming nearly $200M of their debt.Any takers now?http://finance.yahoo.com/news/Wendys-agrees-to-sell-Arbys-ap...
It will be interesting to watch what happens with these bonds. Wendy's management has already said they will be reinvesting in their business rather than paying down debt with the cash proceeds of the deal.
I'm interested in what happens to Arby's. I love me a hot ham and cheese.
You sure know how to startle a gal ;-).Wendy
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