Burger King Announces Debt Retirement.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Burger King Holdings Inc. (NYSE NYSE See: New York Stock Exchange :BKC BKC Burger King Corporation BKC Bible Knowledge Commentary BKC Burgess Kershaw Consultants BKC Bethany Korean Church BKC Backup Catalog BKC BatchKennisCentrum (Dutch: Batch Knowledge Centre) BKC Backup Copy ) today announced that it has retired an additional $35 million in debt, using cash generated from operations. Since the company's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. on May 18, the company has retired a total of $435 million in debt, reducing its debt level by more than 30 percent. On May 26, approximately $350 million of the $392 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). raised in the IPO was used to retire debt. On Monday Monday: see week. , July 31, the company retired an additional $50 million in debt, also using cash generated from operations. Chief Financial Officer Ben Wells said, "Our operational cash flow continues to be strong and has enabled us to pay down $85 million in debt during the first four months of our 2007 fiscal year. This reduced debt level strengthens our balance sheet and gives us greater flexibility in financial markets. Additionally, our deleveraging will increase cash flow for investment spending, which, in the long term, will benefit our shareholders and investors." About Burger King Holdings Inc. The BURGER KING[R] system operates more than 11,100 restaurants in all 50 states and in more than 65 countries and U.S. territories worldwide. Approximately 90 percent of BURGER KING Restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. To learn more about Burger King Holdings Inc., please visit the company's Web site at www.bk.com. Certain statements made in this news release are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those discussed the company's 10-K filing under the caption "Risk Factors." |
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