FAT - FAT Brands redeems Series B Preferred Stock for $43.2M
- FAT Brands ( NASDAQ: FAT ) has redeemed 1,821,831 shares of its 8.25% Series B Cumulative Preferred Stock from an affiliate of Garnett Station Partners for $43.2M.
- The shares were redeemed at a price of $23.69/share plus accrued and unpaid dividends to the date of redemption.
- FAT Brands CEO Andy Wiederhorn said, "The redemption of this Tranche of Series B Preferred Stock will yield significant cash flow savings for FAT Brands ( FAT ) as our securitization facility, which funded the transaction, has a lower cost of capital than the effective dividend rate on the redeemed preferred stock."
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FAT Brands redeems Series B Preferred Stock for $43.2M