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DAKA INTERNATIONAL, INC. COMMENCES SALE OF $30 MILLION OF SECURITIES

 DANVERS, Mass., March 10 /PRNewswire/ -- DAKA International, Inc. (NASDAQ: DKAI) reported it has commenced the sale of $30 million of securities in a public offering. The securities consist of $25 million of 7 percent Convertible Subordinated Notes and 500,000 shares of Common Stock at $10 per share. The Notes mature on March 15, 2003, require semi-annual payments of interest only and can be converted into shares of the company's Common Stock at $12 per share. The public offering is being underwritten by Tucker Anthony Incorporated.
 William H. Baumhauer, chairman and chief executive officer said, "The additional capital will significantly improve the company's balance sheet and liquidity and will provide additional financial resources to fund the planned growth of our business segments. The proceeds from the offering will be used to repay essentially all of the company's existing debt, develop additional restaurants, finance future foodservice acquisitions and for general corporate purposes."
 DAKA International, Inc. owns Fuddruckers, Inc. which operates or franchises 136 restaurants in the United States, Canada, Mexico and Argentina, and Daka, Inc. a leading contract foodservice company in the United States serving over 450 foodservice locations.
 -0- 3/10/93
 /CONTACT: Joann Killeen, director of investor relations of DAKA International, 508-774-9115/
 (DKAI)


CO: DAKA International, Inc. ST: Massachusetts IN: FOD SU: OFR

CH -- NE004 -- 8543 03/10/93 11:01 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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