On a fully-diluted, as-if converted basis after giving effect to both the conversion of the Cambridge and Burger King Corporation ("BKC") convertible preferred stocks to common stock, Cambridge would hold an approximate 24% equity interest in the Company. There is no cash consideration as part of the transaction. Carrols expects to refinance the existing Cambridge debt assumed as part of the transaction, along with the Company's existing debt, through a new senior secured credit facility providing for term loan and revolving credit borrowings under a fully committed financing provided by Wells Fargo Bank, National Association and arranged by Wells Fargo Securities, LLC.