EXHIBIT 99.1
Triarc Companies, Inc.
280 Park Avenue
New York, NY 10017
For Immediate Release
CONTACT: Anne A. Tarbell
(212) 451-3030
www.triarc.com
HOLDERS OF TRIARC'S 5% CONVERTIBLE NOTES ARE ENTITLED TO CONVERT
DURING 2007 FIRST FISCAL QUARTER
New York, NY, January 18, 2007 - 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 current fiscal
quarter which ends April 1, 2007 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 December 29, 2006,
the last trading day of the fiscal quarter that ended on December 31, 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. As of January 18, 2007, $2.1 million
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 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, a
profits interest of at least 52% and approximately 94% of the voting interests,
in Deerfield & Company LLC, a Chicago-based alternative asset manager offering a
diverse range of fixed income and credit-related strategies to institutional
investors with approximately $14.1 billion under management as of October 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.