Pryor Cashman represented Bahrain International Bank E.C. (BIB) as a selling stockholder in the equity IPO of Carrols Restaurant Group, Inc., one of the largest restaurant companies in the U.S. 

BIB owns 73 Pollo Tropical restaurants and 141 Taco Cabana restaurants and operates 328 Burger King restaurants under franchise agreements. 

As part of the IPO, BIB, which owned its shares through its wholly-owned Bermuda subsidiary, sold approximately 2.6 million shares for approximately $29.3 million in net proceeds resulting in a reduction of BIB's equity stake in Carrols from 40.3% to 16.1% of the company.

In addition to negotiating transaction documents on behalf of BIB, Pryor Cashman coordinated legal due diligence and the delivery of legal opinions from co-counsel in Bermuda and Bahrain, oversaw the escrow and distribution of BIB's offering proceeds to over 80 beneficiaries, and also spearheaded OFAC and U.S. anti-money laundering regulatory compliance efforts with respect to the distribution of offering proceeds to such beneficiaries.