California Pizza Kitchen launches $350 million facility at OID of 99½

By Sara Rosenberg

New York, March 8 - California Pizza Kitchen Inc. launched on Friday morning its $350 million credit facility with original issue discount talk of 991/2, according to a market source.

The facility consists of a $30 million revolver and a $320 million term loan.

As previously reported, both tranches are talked at Libor plus 450 basis points to 475 bps with a 1.25% Libor floor.

The term loan has 101 soft call protection for six months.

GE Capital Markets and Jefferies Finance LLC are leading the deal.

Proceeds will be used to refinance existing first- and second-lien debt.

California Pizza Kitchen is a Playa Vista, Calif.-based casual dining chain and a distributor of frozen food products.

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