PHOENIX — Scottsdale-based P.F. Chang’s China Bistro Inc. has agreed to be sold this year amid heavy debt issues, according to a report by Bloomberg News.

The deal, expected to close in the first quarter of 2019, would have the company’s current owner Centerbridge Partners sell the chain for $700 million to to New York-based TriArtisan Capital Partners and Paulson & Co, the report said.

TriArtisan Capital Partners is a private equity firm that was founded in 2002. Its portfolio includes TGI Friday’s, Paper Source and Sur La Table.

Bloomberg reported that P.F. Chang’s has more than $675 million of debt, but as part of the deal, it will be taken out.

The Chinese restaurant concept announced its plans to explore a sale of the company in summer 2018.

“Given the positive performance of P.F. Chang’s Bistro and having received multiple unsolicited indications of interest, this is an exciting time to explore a sale,” Steve Silver, global co-head of private equity at Centerbridge, said in a press release.

“We have a deep, talented team and compelling growth initiatives, including unit expansion of both our domestically operated and international franchise businesses, which together provide a powerful opportunity to capitalize on the strength of our brand and high-quality menu.”

P.F. Chang’s operates 214 locations in the U.S. and franchises 93 restaurants internationally.

Centerbridge Partners bought the brand in 2012. At the time P.F. Chang’s was valued at $1.1 billion, according to Bloomberg.

Pei Wei Asian Diner, a separate restaurant chain recently split from P.F. Chang’s, will not be included in the sale and is staying with Centerbridge Partners.