SCOTTSDALE Ariz. P.F. Chang’s China Bistro Inc. entered into a six- year, $150 million credit agreement this month, of which it used $15 million to repay the outstanding balance on its previous credit facility.
The company said in securities filings that it planned to use the remaining $135 million to fund share repurchases; to support standby letters of credit, which are generally required by insurance companies for workers’ compensation and self-insurance programs; and for general corporate purposes. JPMorgan Chase Bank is the credit facility’s administrative agent, Bank of America the syndication agent and Wells Fargo Bank the documentation agent, according to filings.
P.F. Chang’s, based here, operates 157 namesake casual-dining restaurants, 126 fast-casual Pei Wei Asian Diners and one full-service Taneko Japanese Tavern.
In July the company’s board of directors authorized a common stock buyback of up to $50 million.