NPC replaces mezzanine financing with $190 million of senior notes

By Lisa Kerner

Charlotte, N.C., Dec. 5 - NPC International will issue $190 million of senior notes due 2020.

The bond offering, expected to price late this week, is replacing the company's previously planned roughly $190 million of mezzanine debt, according to a market source.

Proceeds will be used to help fund NPC's buyout by Olympus Partners and to refinance all existing debt.

Closing is expected by Dec. 28, subject to regulatory approvals and customary conditions.

The source said the decision to do notes instead of mezzanine financing was made in part due to the strength in the high-yield market.

NPC is an Overland Park, Kan.-based Pizza Hut franchisee.

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