Boston Pizza Royalties Limited Partnership
TSX : BPF.UN

April 20, 2007 17:18 ET

Boston Pizza Royalties Limited Partnership Announces Change in Lender for its $5 Million Term Loan and $1 Million Operating Loan

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 20, 2007) - Boston Pizza Royalties Income Fund (the "Fund") announced today a change in lender with respect to the Boston Pizza Royalties Limited Partnership's (an indirect subsidiary of the Fund) (the "Partnership") $5 million non-revolving term loan and $1 million revolving operating loan.

The Partnership formerly had an agreement with a Canadian Chartered Bank ("Existing Lender") whereby the Existing Lender provided to the Partnership a term loan in the principal amount of $5 million (the "Existing Lender Term Loan") and an operating loan in the amount of up to $1 million (the "Existing Lender Operating Loan"). On April 19, 2007, the Partnership repaid all debt outstanding on the Existing Lender Term Loan. There was no outstanding balance on the Existing Lender Operating Loan. The Partnership then acquired similar credit facilities with another Canadian Chartered Bank ("New Lender") on more favourable terms.

Effective April 19, 2007, the Partnership has a new agreement with the New Lender whereby the New Lender has provided to the Partnership a non-revolving term loan in the principal amount of $5 million (guaranteed by Boston Pizza GP Inc. ("GPCo"), the Boston Pizza Holdings Trust (the "Trust") and the Fund) with an interest rate equal to the New Lender's prime rate plus 50 basis points (the "New Lender Term Loan") and a revolving operating loan in the amount of up to $1 million (guaranteed by GPCo, the Trust and the Fund) with an interest rate equal to the New Lender's prime rate per annum (the "New Lender Operating Loan"). The rates provided by the New Lender are better than the rates that were previously given by the Existing Lender. The New Lender Term Loan is due April 19, 2010 and may be extended at the request of the Partnership and the option of the New Lender. The New Lender Operating Loan is due April 18, 2008 and may be extended at the request of the Partnership and the option of the New Lender.

The indebtedness and liability of the Partnership under the New Lender Term Loan and the New Lender Operating Loan is secured by a first ranking interest in all present and after-acquired property of the Partnership and the rights and interest of the Partnership in a New Lender General Security Agreement providing a first floating charge against assets of the Partnership. No security has been given by Boston Pizza International Inc. with respect to the New Lender Term Loan and the New Lender Operating Loan.

The trustees of the Fund have approved the contents of this news release.

® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trade-marks and unregistered Canadian trade-marks containing the words "Boston", "BP", and/or "Pizza" are trade-marks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.

(C) Boston Pizza International Inc. 2007

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