CBRL - Cracker Barrel Old Country Store prices $275M in convertible senior notes offering due 2026

jetcityimage/iStock Editorial via Getty Images Cracker Barrel Old Country Store (CBRL) priced its $275M offering of principal amount of 0.625% convertible senior notes due 2026 in a private offering. The issuance and sale of the notes are scheduled to settle on June 18. Initial purchasers granted 13 days option to purchase up to an additional $25M principal amount of notes. Interest will accrue interest at 0.625% annually, payable semi-annually in arrears; commencing on December 15, 2021. Notes will mature on June 15, 2026. The notes will be redeemable, in whole or in part for cash at company's option on or after June 15, 2024 and on or before the 25th scheduled trading day immediately before the maturity date. Offer net proceeds will be ~$266.8M of which ~$27.8M are intended to fund the cost of entering into the convertible note hedge transactions, partially offset by the proceeds from entering into the warrant transactions and the remaining proceeds for the repayment of a portion of the indebtedness outstanding under

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Cracker Barrel Old Country Store prices $275M in convertible senior notes offering due 2026