SHONEY'S, INC. COMPLETES TENDER OFFERS
NASHVILLE, Tenn., September 6, 2000 /PRNewswire/ -- Shoney's, Inc. (OTC
Bulletin Board: SHOY) ("Shoney's") today announced that it has accepted for
payment all of the validly tendered and not withdrawn Liquid Yield Option
Notes due 2004 (the "LYONs") and 8-1/4% Convertible Subordinated Debentures
due 2002 (the "Debentures") (collectively, the "Securities"). The tender
offers expired at 11:00 p.m., New York City time, on September 6, 2000.
Shoney's has been advised by the depositary for the tender offers that, as of
the expiration of the tender offer, approximately $159,650,000 principal
amount at maturity of the LYONs and $46,480,000 principal amount of the
Debentures had been validly tendered and not withdrawn pursuant to the tender
offers (including approximately $619,000 principal amount at maturity of the
LYONs and $195,000 principal amount of the Debentures tendered pursuant to
the procedures for guaranteed delivery), which constitutes approximately
90.0% of the outstanding principal amount at maturity of the LYONs and 90.1%
of the outstanding principal amount of the Debentures. Cash payments for
tendered Securities are expected to commence promptly.
Headquartered in Nashville, Tennessee, Shoney's, Inc. owns, operates and
franchises 1,084 restaurants in 28 states, including 617 Company-owned and
467 franchised restaurants, under the names: Shoney's Restaurants and
Captain D's Seafood Restaurants.
SOURCE Shoney's, Inc.
/CONTACT: James M. Beltrame, Chief Financial Officer, Shoney's, Inc., 615-
231-2214; or Andrew Karp, Managing Director, Banc of America Securities LLC,
704-388-4813, or 888-292-0070/
