Under the refinancing there will be £55m par debt paydown, reducing the group’s debt position to £280m.
As part of the deal, shareholders will inject £20m equity to partially fund the debt paydown.
Pizza Express says it has received strong support to extend the maturity of its senior secured notes from July 2026 to September 2029
It adds that it will have a ‘robust liquidity position’ on completion of the refinancing deal, which is backed by over 97% of its existing bondholders.
The casual dining chain, which is celebrating its 60th birthday this year, has reported a good opening quarter to 2025 with like-for-like sales up 1.3% for the first two months, compared to last year.
“We are pleased with our start to the year and completing a landmark refinancing ends Q1 strongly,” says Paula MacKenzie, CEO of Pizza Express.
“This year we celebrate being 60 years young with Pizza Express fans up and down the country, and our focus remains unchanged as ever… delighting each and every one.”
Last month Pizza Express celebrated its 60th anniversary with a special promotion served for one hour between 5-6pm on Thursday 27 March across all its restaurants.
It saw prices rolled back to what they were when the brand launched in 1965, with a margherita pizza costing just 33p and the signature American Hot priced at 50p.