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TPI ENTERPRISES ANNOUNCES 97 PERCENT OF 14-1/4 PERCENT NOTES TENDERED

TPI ENTERPRISES ANNOUNCES 97 PERCENT OF 14-1/4 PERCENT NOTES TENDERED
 NEW YORK, July 21 /PRNewswire/ -- TPI Enterprises, Inc. (NASDAQ-NMS: TPIE) announced today that, in connection with the previously announced tender offer and consent solicitation, it had received, as of 5 p.m. (Eastern Time) on July 20, 1992, tenders and consents from the holders of $81,316,000 aggregate principal amount of 14-1/4 percent Senior Subordinated Notes due 1998 representing approximately 97 percent of the aggregate principal amount of the 14-1/4 percent notes not previously purchased by TPI.
 In light of the receipt of the requisite number of consents to the proposed amendments to the indenture governing the 14-1/4 percent notes, the company's subsidiary, TPI Restaurants, Inc., has entered into a supplemental indenture reflecting the amendments thereto. The terms of the proposed amendments will not become operative until the 14-1/4 percent notes tendered in the tender offer are accepted for purchase and payment. However, pursuant to the terms of the tender offer and consent solicitation, tenders of 14-1/4 percent notes and delivery of consents associated therewith became irrevocable upon the execution of the supplemental indenture (unless such notes are not accepted for purchase on or prior to Sept. 11, 1992).
 In addition, TPI announced today the extension of the tender offer for the 14-1/4 percent notes to 9 a.m. (Eastern Time) on Wednesday, July 29, 1992. Except for the extension of the tender offer period reflected herein, all other terms and conditions of the tender offer and consent solicitation remain as previously announced.
 The dealer managers for the tender offer and consent solicitation are Kidder, Peabody & Co. Incorporated, BT Securities Corporation and Morgan Schiff & Co., Inc. Kissel-Blake Inc. is acting as the information agent.
 TPI, one of the largest restaurant franchisees in the United States, currently owns and operates 250 restaurants including 172 Shoney's and 68 Captain D's in nine Southern states.
 -0- 7/21/92
 /CONTACT: Joseph P. Gowan, executive vp of TPI Enterprises, 212-230-2233/
 (TPIE) CO: TPI Enterprises, Inc. ST: New York, Tennessee IN: SU:


MK-LJ -- NY020 -- 1177 07/21/92 09:49 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
Words:354
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