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TPI ENTERPRISES ANNOUNCES EXECUTION OF $50 MILLION BANK COMMITMENT LETTER AND COMMENCES TENDER OFFER FOR 14-1/4 PERCENT NOTES

TPI ENTERPRISES ANNOUNCES EXECUTION OF $50 MILLION BANK COMMITMENT
 LETTER AND COMMENCES TENDER OFFER FOR 14-1/4 PERCENT NOTES
 NEW YORK, June 12 /PRNewswire/ -- TPI Enterprises, Inc. (NASDAQ-NMS: TPIE), announced today that its wholly owned subsidiary TPI Restaurants entered into a commitment letter with The Bank of New York, and NationsBank for credit facilities totaling $50 million. Borrowings under the credit facilities will be used, together with the proceeds from the previously announced offering of $45 million of convertible subordinated debentures and $45 million of cash on hand, for the refinancing of the 14-1/4 percent senior subordinated notes due 1998 and the company's restaurant expansion plan.
 The company also announced today the commencement of a tender offer for the 14-1/4 percent notes. The purchase price for the 14-1/4 percent notes is $1,100 per $1,000 principal amount of notes plus, for consents to certain amendments to the indenture (which are required to be delivered to validly tender notes), $30 per $1,000 principal amount of notes. The tender offer and consent solicitation are scheduled to expire at 5 p.m., New York time, on Monday, July 13, 1992. The dealer managers for the tender offer and consent solicitation are Kidder, Peabody and Co. Incorporated, BT Securities Corporation and Morgan
Schiff & Co., Inc. Kissel-Blake Inc. is acting as the information agent and requests for copies of the tender offer materials should be directed to Kissel-Blake.
 The bank commitment letter is subject to a number of conditions, including the negotiation and execution of a credit agreement, the absence of any material adverse change in the business of the company, the banks' completion of their due diligence and the completion of the tender offer and the other elements of the refinancing.
 TPI, one of the largest restaurant franchises in the United States, currently owns and operates 251 restaurants including 174 Shoney's and 67 Captain D's in nine southern states.
 -0- 6/12/92
 /CONTACT: Joseph P. Gowan, executive vice president of TPI Enterprises, 212-230-2233/
 (TPIE) CO: TPI Enterprises Inc.; TPI Restaurants ST: New York IN: LEI SU: FNC


SH-TS -- NY007 -- 9531 06/12/92 08:52 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
Words:358
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