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Moody's: Wok Acquisition notes Caa1, loans Ba3
Moody's Investors Service said it assigned a Caa1 rating to Wok Acquisition Corp.'s proposed $300 million guaranteed senior unsecured notes due 2020.
Moody's also assigned a Ba3 rating to the company's proposed $70 million senior secured revolving credit facility and $280 million senior secured term loan.
In addition, Moody's assigned Wok Acquisition a B2 corporate family rating and probability of default rating.
The outlook is stable.
Proceeds from the proposed financing along with up to $550 million in cash common equity provided by Centerbridge Partners, LP will be used to acquire all outstanding common stock of P.F. Chang's China Bistro, Inc. for $51.50 per share.
Upon the successful closing of the acquisition, Wok Acquisition will be merged with and into P.F. Chang's, which will be the surviving entity.
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