Holders of PizzaExpress’s unsecured bonds have until Dec. 5 to decide whether to accept a tender offer from Hony Capital, the Chinese private equity group that acquired the UK dining chain in 2014.
Hony on Nov. 6 offered to buy up to 80 million pounds of the 8.625% unsecured bonds, which rank as junior to PizzaExpress’s 465 million pounds of secured bonds, at a price between 20% and 40% of their face value.PizzaExpress’s EBITDA fell 8% in the first half of the year to 32 million pounds as its restaurants were hit by a stagnant domestic dining market and rising costs.
Standard & Poor’s said in September that it expects EBITDA to range between 70 and 75 million pounds in 2020, and debt to be between 9 and 9.5 times EBITDA.
Source: Loan Digest (loandigest.net)
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