Foodmaker (Jack-in-the-Box Restaurants) Message Board

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Non-Tech : Foodmaker (Jack-in-the-Box Restaurants)

FM 27.19

0.0%

Jan 8 3:00 PM EDT

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To: seminole who wrote (316)	3/31/1998 6:43:00 PM
From: David Kuspa	Read Replies (1) of 338

Ok, here's one of the upgrades I've been waiting for, this time from Moody's: biz.yahoo.com >>NEW YORK, March 31 - Moody's Investors Service assigned a Ba2 rating to Foodmaker Inc.'s new $175 million secured bank facility, confirmed the Ba3 rating on its senior unsecured notes due 1999, raised the rating on its senior subordinated notes due 2002 to B1 from B2, and assigned a B1 rating to its new $125 million senior subordinated notes due 2008. The rating outlook is revised to stable from positive. The rating upgrade was prompted by the continuing improvement in Foodmaker's operating performance, and its announcement that it would use the $30 million net proceeds that it received from its litigation settlement with The Vons Companies Inc. and other parties as part of a broader restructuring of its long term debt that will reduce its total debt burden by $45 million following the completion of the restructuring.<< Although S&P just upgraded FM's debt a little over a month ago, that was before the settlement and addtional debt payoff announcement. They will probably issue another upgrade as well, although they've already move FM up to "positive" from "stable".

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