Author Topic: BH - Biglari Holdings  (Read 1214114 times)

OracleofCarolina

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Re: BH - Biglari Holdings
« Reply #2690 on: January 15, 2019, 04:07:47 PM »


TwoCitiesCapital

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Re: BH - Biglari Holdings
« Reply #2691 on: January 15, 2019, 06:10:21 PM »
https://www.sec.gov/Archives/edgar/data/1067294/000092189519000088/xslF345X03/form407428021_01152019.xml

Bigs keeps selling the CBRL, another $25 mil or so

Interesting time to be selling - it's in the upper range what it's traded for over the past 2-years, but multiple times where it's traded at this price and wasn't sold.

I'll admit, I don't follow this too closely other than checking in on the price very few months, but any idea what he's intended to do with the proceeds? Purchase more BH? A new investment?

awindenberger

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Re: BH - Biglari Holdings
« Reply #2692 on: January 26, 2019, 03:59:38 PM »
https://www.sec.gov/Archives/edgar/data/1067294/000092189519000088/xslF345X03/form407428021_01152019.xml

Bigs keeps selling the CBRL, another $25 mil or so

Interesting time to be selling - it's in the upper range what it's traded for over the past 2-years, but multiple times where it's traded at this price and wasn't sold.

I'll admit, I don't follow this too closely other than checking in on the price very few months, but any idea what he's intended to do with the proceeds? Purchase more BH? A new investment?

My speculation is that he's either buying into trashed Oil and Gas stocks, or raising cash to make a purchase.

OracleofCarolina

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Re: BH - Biglari Holdings
« Reply #2693 on: Today at 01:02:26 PM »
https://www.otcmarkets.com/filing/conv_pdf?id=13190459&guid=u5rtUnzRuvZMT3h

Seems like Fat Brands needed some cash pronto...20% interest from Biglari and warrants to buy shares at .01 if not paid back by Oct 1, 2019

"Item
1.01 Entry into a Material Definitive Agreement.
On
January 29, 2019, FAT Brands Inc. (the “
Company
”) refinanced its existing lending facility with FB Lending,
LLC. The Company as borrower, and
its subsidiaries and affiliates as guarantors, entered into a new Loan and Security Agreement
(the “
Loan Agreement
”) with The Lion Fund, L.P. and The Lion
Fund II, L.P. (the “
Lenders
”).
Pursuant to the Loan Agreement, the Company borrowed $20.0 million from the Lenders, and utilized the proceeds to repay the
existing
$16.0 million term loan from FB Lending, LLC plus accrued interest and fees, and provide additional general working capital to
the Company.
The
term loan under the Loan Agreement matures on June 30, 2020. Interest on the term loan accrues at an annual fixed rate of 20.0%
and is payable
quarterly. The Company may prepay all or a portion of the outstanding principal and accrued unpaid interest under
the Loan Agreement at any time upon prior
notice to the Lenders without penalty, other than a make-whole provision providing for
a minimum of six months’ interest. The Company is required to prepay all
or a portion of the outstanding principal and accrued
unpaid interest under the Loan Agreement in connection with certain dispositions of assets, extraordinary
receipts, issuances
of additional debt or equity, or a change of control of the Company.
In
connection with the Loan Agreement, the Company issued to the Lenders a warrant to purchase up to 1,143,112 shares of the Company’s
Common
Stock at $0.01 per share (the “
Lender Warrant
”), exercisable only if the amounts outstanding under the
Loan Agreement are not repaid in full prior to October
1, 2019. If the Loan Agreement is repaid in full prior to October 1, 2019,
the Lender Warrant will terminate in its entirety.