P.F. Chang's China Bistro Inc. Ratings Placed On CreditWatch Positive On Agreement To Be Acquired By TriArtisan


  • P.F. Chang's China Bistro Inc. announced it has entered into a definitive agreement to be acquired by TriArtisan Capital Advisors, a deal we expect to close in early 2019 and one we expect will complete the separation of P.F. Chang's from Pei Wei.
  • Therefore, on Jan. 11, 2019, S&P Global Ratings placed its 'CCC+' issuer credit rating on P.F. Chang's on CreditWatch with positive implications.
  • We believe that the debt at P.F. Chang's will likely be repaid, including the $320 million secured term loan facility and $300 million senior unsecured notes. As such, we did not place our issue-level ratings on CreditWatch.
  • We will resolve the CreditWatch placement when the acquisition closes and upon receiving additional information regarding TriAstisan's plans for P.F. Chang's, including operating initiatives, financial policy, and capital structure.
NEW YORK (S&P Global Ratings) Jan. 11, 2019—S&P Global Ratings today took the 
rating actions listed above. The CreditWatch placement followed the 
announcement of TriArtisan Capital Advisors' definitive agreement to acquire 
casual dining restaurant operator P.F. Chang's China Bistro Inc. from the 
current private owners Centerbridge Partners L.P. The company anticipates the 
transaction to close in early 2019 subject to customary closing conditions. We 
expect the company's current debt will be repaid upon the close of the 
acquisition. We also see this transaction completing the separation of P.F. 
Chang's from the significant underperformance at the company's Pei Wei dining 
brand. 

We will likely resolve the CreditWatch positive placement following the close 
of the acquisition. The CreditWatch resolution will also be conditional upon 
receiving additional information regarding TriArtisan's plans for P.F. 
Chang's, including anticipated operating initiatives, business model, 
financial policy, and intended capital structure.
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