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TPI ENTERPRISES SUCCESSFULLY COMPLETES REFINANCING

 TPI ENTERPRISES SUCCESSFULLY COMPLETES REFINANCING
 NEW YORK and MEMPHIS, Tenn., July 29 /PRNewswire/ -- TPI


Enterprises, Inc. (NASDAQ-NMS: TPIE) announced today that it has completed its previously announced refinancing. In the refinancing, TPI Enterprises issued $45,000,000 aggregate principal amount of its 8-1/4 percent convertible subordinated debentures due 2002 and entered into a new credit agreement with a syndicate of banks providing for term and revolving credit facilities of $55,000,000. The proceeds from the debenture offering, together with $45 million of existing corporate funds, were used along with borrowings under the credit facilities to repurchase approximately $97,500,000 aggregate principal amount of the outstanding 14-1/4 percent senior subordinated notes which constituted approximately 98 percent of the outstanding 14-1/4 percent notes.
 Stephen R. Cohen, chairman and chief executive officer of TPI, said, "We are excited with the opportunity we now have as a result of the completion of the refinancing. The refinancing substantially reduces our interest expense and, together with our recent operating improvements, increases our financial flexibility and our ability to expand TPI's restaurant business."
 Kidder, Peabody & Co. Incorporated, Stephens Inc. and Morgan Keegan & Company, Inc. acted as underwriters for the offering of the convertible subordinated debentures. Kidder, BT Securities Corporation and Morgan Schiff & Co., Inc. acted as dealer mangers for the tender offer for the 14-1/4 percent notes.
 The Bank of New York, NationsBank and First Tennessee Bank National Association are providing the new term loan and revolving credit facilities to the company.
 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- 7/29/92
 /CONTACT: Joseph P. Gowan, executive vice president of TPI, 212-230-2233/
 (TPIE) CO: TPI Enterprises Inc. ST: New York, Tennessee IN: LEI SU: FNC


KD -- NY038 -- 4520 07/29/92 10:42 EDT
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Publication:PR Newswire
Date:Jul 29, 1992
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