ITEM 7.01
REGULATION FD DISCLOSURE.
In a press release dated November 14, 2016, the Company announced that it has entered into agreements with two subsidiaries of Fox Restaurant Concepts LLC (FRC), Flowerchild Holding Company LLC (Flower Child), the owner of the Flower Child restaurant concept, and North Restaurants LLC (North Restaurants), the owner of the North Italia restaurant concept. A copy of the press release is attached hereto as
Exhibit 99.3
and is incorporated herein by reference.
Under the terms of these agreements, TCF is making an initial minority equity investment in, and will provide ongoing growth capital and consulting services for, North Restaurants and Flower Child. Each of the agreements provides an option for TCF to acquire, and a put to obligate TCF to acquire, a one hundred percent (100%) ownership position in Flower Child and/or North Restaurants, subject to the terms and conditions of the agreements. Pursuant to these agreements, another wholly owned subsidiary of FRC, FRC Management LLC, will continue to manage the day-to-day operations of both the North Italia and Flower Child concepts. TCFs obligations under these agreements are guaranteed by the Company.
In conjunction with entering into these agreements, the Company also entered into the Amendment, which amends its Credit Facility with JPMorgan
Chase Bank, National Association, as administrative agent, to, among other things, permit the addition of TCF as a guarantor of such Credit Facility, and, pursuant to a Joinder to Guaranty, TCF became a guarantor of the Credit Facility. A copy of the Amendment is attached hereto as
Exhibit 99.1
and is incorporated herein by reference. A copy of the Joinder to Guaranty is attached hereto as
Exhibit 99.2
and is incorporated herein by reference. This description of the Amendment and of the Joinder to Guaranty is qualified in its entirety by the copies of the Amendment and of the Joinder to Guaranty attached hereto as exhibits.
These transactions are not expected to have a material impact on the financial condition of the Company, or its subsidiaries, for the foreseeable future.
The information in this Item 7.01 and
Exhibit 99.3
shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933
or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing. The furnishing of the information in this Item 7.01 and
Exhibit 99.3
is not intended to, and does not, constitute a representation that such information is material information that is not otherwise publicly available.
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