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Sbarro, Inc. Completes Tender Offer And Consent Solicitation For Its 11% Senior Notes Due 2009

Melville, New York–February 7, 2007 – Sbarro, Inc., a New York corporation (the “Company”), announced today the completion of its previously announced tender offer and consent solicitation (the “Offer”) for any and all of its 11% Senior Notes due 2009 (CUSIP No. 805844 AC 1) (the “Notes”).

Proposed amendments in connection with the Offer and effected by the supplemental indenture dated January 31, 2007 to the indenture governing the Notes became operative on January 31, 2007.  The proposed amendments, among other things, eliminate substantially all of the material restrictive covenants, specified affirmative covenants and certain events of default and related provisions in the indenture governing the Notes. 

Credit Suisse Securities (USA) LLC and Banc of America Securities LLC served as the dealer managers and solicitation agents in connection with the Offer.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any Notes or other securities, nor shall there be any sale of any Notes or other securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This announcement is also not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any Notes or other securities. The Offer was made solely pursuant to the Offer to Purchase and Consent Solicitation Statement dated January 8, 2007.

Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements may be identified by the words “believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,” “will” or “intend” and similar expressions.  These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of Sbarro and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements.  Such risks, uncertainties and other factors relate to, among others, unanticipated operating costs and effects of general and local economic and real estate conditions.  Additional information or factors which could impact Sbarro’s forward-looking statements contained herein are included in Sbarro’s filings with the Securities and Exchange Commission.  You should not place undue reliance on these forward-looking statements, which speak only as of the date of this communication.  The companies assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

 

About the Company


            Based in Melville, New York, we believe we are the world’s leading Italian quick service restaurant concept and the largest shopping mall-focused restaurant concept in the world.  We have approximately 955 units in 31 countries.  Sbarro restaurants feature a menu of popular Italian food, including pizza, a selection of pasta dishes and other hot and cold Italian entrees, salads, sandwiches, drinks and desserts.  Additional information is available at http://www.sbarro.com/