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    Wendy's International Finds Ample Interest For 12-Yr Burger Bonds

  • Industry News June 11, 2002
    New York, NY—Two hours after its, Goldman, Sachs & Co. officially announced Wendy's International Inc.'s new twelve-year bond open, books were closed, and the issue was over six times oversubscribed. As a result, the $255 million issue was priced 1.2 percent yield margin over the Treasury bonds.

    "Investors are flush with cash and are willing to put it to work in stable credits that have a quality management team and that don't have any negative accounting issues associated with them," Jim Esposito, debt syndicate manager at Goldman told Dow Jones Newswire

    In similar deal last November, Wendy's priced a 10-year bond 90 basis points wider than where the current deal priced.

    "The interest in new deals is a function of the market wanting new issue supply," one portfolio manager told Dow Jones.

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