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California Pizza Kitchen, Inc. (CPK) Announces Five-Year $150M Credit Facility; Opening of New Restaurant

California Pizza Kitchen, Inc. (CPK), with headquarters in Los Angeles, California, is a casual dining chain featuring a line of hearth-baked pizzas, including the original BBQ chicken pizza and a broad selection of pastas, salads, appetizers, soups, sandwiches and desserts. Two hundred and one of the company’s 240 restaurants are company-owned; the rest are either franchised or under a license agreement. Overseas, there are 22 restaurant located in China, Japan, Philippines, Malaysia, Singapore, Mexico, South Korea and Indonesia.

In May 2008, the company announced it had entered into a $150M credit facility with a syndicate of banks. The five-year facility includes an option to be increased up to an additional $50M and matures in 2013. The facility replaces the company’s existing $100M line of credit with Bank of America, N.A., who served as the administrative agent and JP Morgan Chase Bank, N.A. who served as syndication agent. The proceeds of the new facility will be used for working capital, capital expenditures, share repurchases and other general corporate purposes.

The company recently opened a new restaurant at The Shoppes at Chino Hills in Chino, California. The menu will feature all of the popular favorites along with new additions, and will feature an extensive beverage menu for its full bar. The company intends to donate 100% of all dine-in pizza sales on June 23, in keeping with California Kitchen’s tradition of giving back to the communities in which the restaurants operate, to the Hillview Acres Children’s Home located in Chino.

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