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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: