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California Pizza Kitchen completes debt refinancing transaction

Provided

October 1, 2021

California Pizza Kitchen has completed a debt refinancing with a $195 million Senior Secured Credit Facility with Canyon Partners and Rabobank, resulting in a significant reduction in interest expense and reduced leverage.

The deal provides CPK with additional flexibility to build on business momentum following its successful company restructuring in late 2020, strong consumer demand for its core menu categories, and significant growth in its off-premise business that has continued to thrive even after COVID dining restrictions have eased, according to a press release.

"We're extremely proud of the progress we've made so far and the resilience our company has shown in the past 18 months," Jim Hyatt, California Pizza Kitchen CEO, said in the release. "Today's announcement is yet another sign to our guests, employee teams, franchisees and vendor partners that the CPK brand is strong, our business is healthy and our growth plans are paying off. The future is bright for CPK and we look forward to welcoming more guests into our restaurants to enjoy our famous California inspired cuisine."

California Pizza Kitchen operates more than 200 restaurants in eight countries.