Las Iguanas owner to sell £150m bonds
THE OWNER of restaurant brands Cafe Rouge and Bella Italia, is planning to tap the debt markets as part of a refinancing that would see the group issue around £150m worth of bonds.
Casual Dining Group (CDG), which was previously known as Tragus, has undergone a major restructuring since a consortium led by private equity giant Apollo took control via a debt-for-equity swap in March last year.
The group cut its debt pile from £354m to £91m after selling its Italian restaurant chain Strada and undergoing a series of company voluntary arrangements that allowed it to cut its rent bill.
It is understood to be preparing a bond issue in the coming weeks as it presses ahead with the next phase of CDG’s expansion.
In July, CDG added two more brands to the group after snapping up tapas chain La Tasca and South American group Las Iguanas.
CDG declined to comment. Chief executive Steve Richards has also denied claims that it is considering a float or a sale.