PF Changs Sold

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According to Bloomberg News, it is being reported that PF Changs is being sold to TriArtisan Capital Partners and Paulson & Co for around $700 million. The transaction is expected to close in the first quarter of 2019.

PF Changs was taken private in 2012 at a value of $1.1 billion by Centerbridge private equity.

It has been rumored for a while that PF Changs was on the sale block given its heavy debt burden. Reports indicate that total debt sits around $675 million, including $5 million in capital leases, $317 million in first-lien term loan, $25 million in revolver borrowings and $28 million in secured notes. Borrowings also include $300 million in unsecured bonds.

PF Changs currently operates 214 locations across the United States and franchises another 93 locations across the world.

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