UPDATE 1-Triarc sees Q1 charge; to distribute Deerfield shares

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March 12 (Reuters) - Triarc Cos Inc (TRY.N: Quote, Profile, Research), which owns the Arby's fast-food chain, said it expects a charge of $60 million to $70 million in the first quarter, reflecting the decline in value of Deerfield Capital Corp (DFR.N: Quote, Profile, Research) shares.

Triarc said its board approved distribution of about 9.8 million Deerfield shares it owns to its Class A and Class B stockholders through a special dividend "as soon as practicable."

After the distribution, Atlanta-based Triarc will have no financial interest in Deerfield except about $48 million senior secured notes of the fixed income asset manager.

Triarc, led by billionaire investor Nelson Peltz, also said its board is considering a corporate name change that would indicate the company was a "pure play" restaurant company.

In December 2007, Triarc completed the sale of its majority interest in Deerfield & Co LLC, an asset management firm, to Deerfield Capital Corp.

Related to that sale, Triarc had received 9.6 million shares of Deerfield preferred, convertible stock into a share-for-share basis, about 205,642 shares of common stock previously owned by Deerfield and $48 million of senior secured notes of Deerfield.

On March 11, Deerfield shareholders cleared the 1-for-1 conversion of the preferred stock into common stock.

Shares of Triarc closed up 3 percent at $7.19 on the New York Stock Exchange. Deerfield shares rose nearly 16 percent to $1.682 after the bell. They closed at $1.45 Wednesday on the New York Stock Exchange. (Reporting by Varsha Tickoo in Bangalore; Editing by Gopakumar Warrier)