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Spain's Telepizza brings in new shareholders to refinance debt
October 20, 2014 / 4:37 PM / 3 years ago

Spain's Telepizza brings in new shareholders to refinance debt

MADRID, Oct 20 (Reuters) - Spanish fast-food company Telepizza said on Monday private equity firm KKR and other investment funds had acquired a 49 percent stake in the group as part of a refinancing plan that cuts its debt in half.

In a statement, Telepizza said the refinancing would allow it to re-launch its brand, continue remodelling its shops and support its international expansion plans.

Following the refinancing, the company will have 285 million euros ($364 million) of debt and a 10 million euro revolving credit line. Its other shareholders are private equity house Permira and investment vehicle Carbal with 51 percent.

KKR will own about 36 percent of Telepizza, sources close to the company said, and will appoint two members to its board. One source said the new debt would mature in October 2020. (1 US dollar = 0.7824 euro) (Reporting by Carlos Ruano; Writing by Tracy Rucinski; Editing by David Holmes)

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