Houlihan Lokey Advises Pizza Express

Houlihan Lokey is pleased to announce that Pizza Express Financing 1 plc and Pizza Express Financing 2 plc (collectively, "Pizza Express" or the "company") has successfully raised a super senior term loan, under which the company will be provided a £70 million single-currency super senior term loan facility. Houlihan Lokey served as the exclusive financing advisor to Pizza Express.

Proceeds of the super senior facility will be used to repay in full and cancel the company's (i) £20 million existing super senior revolving credit facility and (ii) £10 million super senior term facility with Hony Capital, which (in each case) are due to mature in August 2020. Over and above this, the super senior facility will be used to fund the company's general corporate and working capital requirements.

The term loan agreement will allow for voluntary prepayment subject to a minimum amount and payment of a prepayment premium, which is (i) a make-whole premium for the first year that the super senior term loan is in place, (ii) 3% of the amounts prepaid for the second year that the super senior term loan is in place, and (iii) 1% of the amounts prepaid for the first six months of the third year that the super senior term loan is in place. No prepayment fee will be payable for the last six months.

The super senior term loan is guaranteed and secured by all group companies incorporated in England or Ireland (subject to limited exceptions) and ranks senior to the 6.625% senior secured notes (due in 2021) issued by the company.

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