California Pizza Kitchen (“CPK”) today announced that it has successfully completed a debt refinancing with a new $195mm Senior Secured Credit Facility with Canyon Partners (“Canyon”) and Rabobank, resulting in a significant reduction in interest expense and reduced leverage. The deal provides CPK with additional flexibility to build on current 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.
Looking ahead, the company is focused on expanding its global footprint; continuing its commitment to “Cali Health” inspired menu innovation, such as the recently introduced gluten free chickpea crust; investing more heavily in its new marketing campaign - Made The CPK Way - and accelerating its recent off-premise success with enhanced digital guest ordering experiences and improved take home innovation such as the new Take and Bake pizza.
“We’re extremely proud of the progress we’ve made so far and the resilience our company has shown in the past 18 months,” said Jim Hyatt, CEO of California Pizza Kitchen. “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.”
Guggenheim Securities, LLC served as CPK’s Financial Advisor and Sole Arranger of the Senior Credit Facilities. Gibson, Dunn & Crutcher LLP served as legal counsel to CPK.
About California Pizza Kitchen
In 1985, California Pizza Kitchen (CPK) opened its first restaurant in Beverly Hills and introduced diners to innovative California-style pizza. With a passion for combining fresh, seasonal ingredients with flavor inspirations from around the world, today CPK is a global brand serving creative California cuisine in over 200 restaurants in 8 countries and U.S. territories. From signature, hand-tossed pizzas and high-quality main plates to inventive better-for-you options, Lunch Duos, premium wines, and handcrafted beverages, CPK adds an imaginative twist to create a memorable dining experience. For more information, visit cpk.com. Chat with us on Twitter at @calpizzakitchen, Instagram at @cpk, and Facebook at facebook.com/californiapizzakitchen. Download the CPK Rewards® app for iOS and Android to earn & redeem delicious rewards, order online, and enjoy exclusive pizza perks all year long.
About Canyon Partners LLC
Founded and partner owned since 1990, Canyon is a global alternative investment manager with eight offices worldwide. The firm employs a deep value, credit intensive approach with a focus on special situations and other complex investments. Canyon’s strategies encompass a broad range of asset classes, including specialty financings, corporate bonds, securitized assets, real estate, arbitrage, and value equities.
