UNDERWRITERS ANNOUNCE INITIAL PUBLIC OFFERING OF CHECKERS DRIVE-IN RESTAURANTS AT $16 PER SHARE
UNDERWRITERS ANNOUNCE INITIAL PUBLIC OFFERING OF
CHECKERS DRIVE-IN RESTAURANTS AT $16 PER SHARE
NEW YORK, Nov. 15 /PRNewswire/ -- Dean Witter Reynolds Inc. and Raymond James & Associates, Inc., as co-managers of the underwriting group, announced today the initial public offering of 2.1 million shares of common stock of Checkers Drive-In Restaurants, Inc. at a price of $16 per share. The stock will be traded on the NASDAQ National Market System under the symbol CHKR.
Of the shares being offered, 1.8 million are being offered by the company and 300,000 are being offered by the selling stockholders. The company and the selling stockholders have granted the underwriters an option to purchase up to an additional 315,000 shares to cover over- allotments.
Checkers Drive-In Restaurants, Inc. is a Clearwater, Fla.-based operator and franchisor of Checkers(R) "double drive-through" quick- service hamburger restaurants. Net proceeds from the offering will be used primarily to finance the development of additional restaurants, to retire debt, to purchase a modular restaurant manufacturing facility and for other general corporate purposes.
/CONTACT: Barbara Hynes of Gavin Anderson Doremus, 212-921-1060, for Checkers Drive-In Restaurants/
(CHKR) CO: Checkers Drive-In Restaurants ST: Florida IN: LEI SU: OFR CK -- NY035 -- 1474 11/15/91 11:02 EST