Moody’s rates Twinkle Pizza notes B2 & Caa1

Moody's Investors Service said it assigned a corporate family rating of B3 and a probability of default rating of B2-PD to Twinkle Pizza Holdings plc, the holding company to the Pizza Express group of companies.

Concurrently, the agency assigned a provisional B2 rating to the new £410 million senior secured notes due 2021 to be issued by Twinkle Pizza plc and a provisional Caa1 rating to the new £200 million senior notes due 2022 to be issued by Twinkle Pizza Holdings plc.

The outlooks are stable.

Proceeds will be used to partially finance the acquisition of Pizza Express by funds managed by Hony Capital and pay transaction expenses. Twinkle Pizza plc will also be issuing a new £20 million super senior revolving credit facility which will be used for general corporate purposes, and is expected to be undrawn at closing.

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