Triarc Has Cash; When Will It Buy?

Burns, Mairin
June 2003
Investment Dealers' Digest;6/30/2003, Vol. 69 Issue 26, p7
Trade Publication
When investment banker Triarc Cos. tapped the convertible bond market to the tune of $175 million last month, it reignited a long-running rumor that the company was planning a shopping spree. Careful balance sheet management had enabled the company's dealmaker owners Nelson Peltz and Peter May to amass a $630 million war chest, and the converts' timing increased that to more than $800 million. Ever since Triarc's share price reached $29 at the end of 2002, Peltz and May have been hinting that they might acquire them. Now the stock is at an all-time high of $30.04, but analysts are not sure as to when they might actually make a move, and for what. "Their policy is that they will never comment on what they're targeting or on timing, so it is the ultimate blind capital pool. But you're betting on people who have had two tremendous successes in their past, and you're betting on the three-peat," said Arnold Ursaner, managing director of independent research firm CJS Securities Inc. Triarc's success in raising capital in the convertible market without specifying use of proceeds is an achievement in itself. "Triarc was able to leverage their history of successful investments as well as track record in the convertible market to draw investors to an offering where the use of proceeds would be further defined in the future," said John Moore, a managing director in global capital markets at the company Morgan Stanley, which led the deal.


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