Exhibit 99.1
CONTACT: Anne A. Tarbell FOR IMMEDIATE RELEASE
(212) 451-3030
www.triarc.com
HOLDERS OF TRIARC'S 5% CONVERTIBLE NOTES ARE ENTITLED TO CONVERT
DURING 2006 SECOND FISCAL QUARTER
New York, NY, March 20, 2006 - Triarc Companies, Inc. (NYSE: TRY; TRY.B) today
announced that the trustee under the Indenture (the "Indenture") governing
Triarc's 5% Convertible Notes due 2023 (the "Notes") has determined that holders
of the Notes are entitled to convert their Notes during the fiscal quarter
beginning on April 3, 2006 and ending on July 2, 2006 because the combined
closing sale price of one share of Triarc's Class A Common Stock and two shares
of Triarc's Class B Common Stock, Series 1, exceeded 120% of the current
conversion price of $40 for at least 20 trading days in the 30-trading day
period ending on March 31, 2006, the last trading day of the fiscal quarter
ending April 2, 2006. At the current conversion price, each $1,000 principal
amount of Notes is convertible into 25 shares of Triarc's Class A Common Stock,
subject to Triarc's right to elect to pay the holder cash in lieu of delivery of
all or any portion of these shares of Class A Common Stock and, upon conversion
of each $1,000 principal amount of Notes, the holder is also entitled to receive
50 shares of Triarc's Class B Common Stock, Series 1. In February 2006, Triarc
completed the repurchase of $165,776,000 of the $175,000,000 principal amount of
Notes that were issued by Triarc in May 2003. As of March 20, 2006, $9,224,000
principal amount of Notes are outstanding.
Holders of Notes that wish to exercise their conversion rights with respect to
the Notes should contact Wilmington Trust Company, the conversion agent for the
Notes, at the following address: Corporate Trust Office, Rodney Square North,
1100 North Market Street, Wilmington, DE 19890-1600, Attention: Corporate Trust
Administration. Telephone: (302) 636-6410. Facsimile: (302) 636-4145.
Triarc Companies, Inc. is a holding company and, through its subsidiaries, the
franchisor of the Arby's(R) restaurant system, which is comprised of
approximately 3,500 restaurants. Of these restaurants, more than 1,000 are owned
and operated by subsidiaries of Triarc. Triarc also owns an approximate 64%
capital interest, an approximate 52% profits interest and approximately 94% of
the voting interest, in Deerfield & Company LLC, a Chicago-based asset manager
offering a diverse range of fixed income and credit-related strategies to
institutional investors with approximately $12.3 billion under management as of
January 1, 2006.
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Note to Follow
NOTE TO PRESS RELEASE
The statements in this press release that are not historical facts, including,
most importantly, information concerning possible or assumed future results of
operations of Triarc Companies, Inc. and its subsidiaries (collectively,
"Triarc" or the "Company") and statements preceded by, followed by, or that
include the words "may," "believes," "plans," "expects," "anticipates" or the
negation thereof, or similar expressions, constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "Reform Act"). All statements that address operating performance,
events or developments that are expected or anticipated to occur in the future,
including statements relating to revenue growth, earnings per share growth or
statements expressing general optimism about future operating results, are
forward-looking statements within the meaning of the Reform Act. These
forward-looking statements are based on our current expectations, speak only as
of the date of this press release and are susceptible to a number of risks,
uncertainties and other factors. Our actual results, performance and
achievements may differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements. For those
statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Reform Act. Many important factors could affect our
future results and could cause those results to differ materially from those
expressed in the forward-looking statements contained herein. Such factors
include, but are not limited to risks and uncertainties affecting the Company
referred to in its Annual Report on Form 10-K for the fiscal year ended January
2, 2005 (see especially "Item 1. Business--Risk Factors" and "Item 7.
Management's Discussion and Analysis of Financial Condition and Results of
Operations") and in its other current and periodic filings with the Securities
and Exchange Commission, all of which are difficult or impossible to predict
accurately and many of which are beyond the Company's control.
All future written and oral forward-looking statements attributable to us or
any person acting on our behalf are expressly qualified in their entirety by
the cautionary statements contained or referred to above. New risks and
uncertainties arise from time to time, and it is impossible for us to predict
these events or how they may affect us. We assume no obligation to update any
forward-looking statements after the date of this press release as a result of
new information, future events or developments, except as required by federal
securities laws. In addition, it is our policy generally not to make any
specific projections as to future earnings, and we do not endorse any
projections regarding future performance that may be made by third parties.