P.F. Chang's Announces Loan Agreement with True Food Kitchen, a Fox Restaurant Concept
P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) today announced an agreement to provide debt capital for the early-stage development of True Food Kitchen, a Fox Restaurant concept.
The agreement provides for a $10 million loan to develop True Food Kitchen restaurants and can, under certain conditions, be converted by P.F. Chang's into a majority equity position in True Food Kitchen.
'We have admired the work of Sam Fox and his team for quite some time,' said Bert Vivian, Co-CEO of P.F. Chang's China Bistro, Inc. 'We are pleased to be able to provide capital for the growth of their newest creation.'
Specific terms of the agreement were not disclosed, as the transaction will not have a material impact on the financial condition or prospects of P.F. Chang's China Bistro, Inc. for the foreseeable future.
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