P.F. Chang's China Bistro, Inc. (PFCB) and Centerbridge Partners, L.P., announced an amendment to merger agreement.
The company said it has agreed to amend the merger agreement and delete the financing proceeds condition to Purchaser's tender offer to acquire all of the outstanding shares of company common stock.
The amendment to the merger agreement also provides that Purchaser will have the right in its sole discretion to extend the offer for one or more periods, in consecutive increments of up to 10 business days each, the company stated.
Subject to the satisfaction or waiver of the other conditions described in the tender offer materials, Centerbridge and the company anticipate that the closing of the tender offer and the subsequent merger of Purchaser into the company will occur on June 29, 2012.
Separately, the company announced that Wok Acquisition Corp. has priced a private offering of $300 million in aggregate principal amount of its 10.25% senior notes due 2020.
The offering is expected to close on or about June 29, 2012, subject to customary closing conditions including, without limitation, the closing of the acquisition.
The company said the net proceeds from the offering, together with other funding sources, will be used to fund the acquisition of the company by affiliates of Centerbridge Partners L.P., pay related fees and expenses and provide for ongoing working capital support and general corporate purposes.
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