The company was acquired by Inspire Brands, the fourth-largest U.S. restaurant company by systemwide sales, in 2018. The underlying assets are the summation of the PACE sponsors are raising capital and promoting plans to retroactively fund stalled CRE projects amid the COVID-19 outbreak – a potential boost for what has been a shrinking assets class in ABS, Waters, Brown urge Mnuchin to halt housing finance reforms, FHFA proposes living wills for Fannie and Freddie, 2021 Outlook: What lies ahead for Libor transition, CFPB fines Santander Consumer $4.7M for fair-lending violations, CFPB orders Discover to pay $35 million for student lending mishaps, Foreclosures drop to new all-time low in November, Provident's next RMBS noted for 'unique' strong buyer pool, Seterus agrees to pay $5M in distressed servicing settlement with CFPB, Toomey’s compromise on Fed authority cleared way for stimulus deal. ... As such, whole business securitization is used in a significant number of restaurant franchises such as Sonic, Domino’s, Wendy’s and Taco Bell as well as fitness … Jones Day counseled Ambac Assurance Corporation in connection with the $800 million whole business securitization of franchise agreements and related royalties, intellectual property and other assets of Sonic Corporation, the largest chain of … … DB Master Finance LLC's series 2019-1 is a $1.15 billion corporate securitization of the Dunkin' Brands business comprising $1.0 billion in offered notes in addition to $150 million in variable-funding notes (VFNs), which are not offered. New franchised stores are expected to open under the current standard license agreement. The top Democrats on the House and Senate banking committees urged the Trump administration to pull the plug on any steps to overhaul Fannie Mae and Freddie Mac with the pandemic still taking a toll on the economy. The Sonic Capital LLC Series 2020-1 deal’s total leverage is approximately 6.6x debt capacity to securitized net cash flow, which Kroll stated is higher than other WBS deals in the restaurant sector – comparable deals by Jack in the Box, Hardee’s/Carl’s Jr. and Wingstop produced debt levels between 5.5x and 5.9x. Whole Business Securitization (“WBS”) In a WBS deal, the sponsoring entity pledges the revenue-generating assets arising from its intellectual property (franchise fees, royalties, etc.) From debt issuance, management has ... Sonic 2018-1 BBB (sf) 3,587 1.3 94 0 Over 30 years QSR 4.8 2.0 2.5 Wendy's 2017-1 BBB (sf) 6,551 1.5 95 7 Over 30 years QSR 7.5 1.6 … The nonbank lender is co-sponsoring a $258.4 million residential mortgage pool comprised entirely of wealthy borrowers with 15-year term contracts. Barclays Capital is the sole structuring adviser and joint book-running manager alongside Bank of America Merrill Lynch, Credit Suisse, Morgan Stanley and Wells Fargo. Sonic Industries is returning to the securitization market with seven-year bonds backed by current and future franchise fees, restaurant royalties and other intellectual property. (Arby’s and Jimmy John’s have also sponsored whole-biz deals in recent years.). Sonic Corp., the drive-in restaurant chain operator, issued $155 million of notes backed by franchising revenue. The notes will be collateralized from the fee agreements and revenues generated by 3,583 Sonic restaurants, with annual system-wide sale of about $4.6 billion. Sonic operates and franchises the largest chain of drive-in restaurants in the U.S. with over 3,500 locations across 45 states. Whole business securitizations, or the securitization of the entire future cash flows generated by the operations of a company--as opposed to just one existing asset class-- will be the next trend in asset-backed finance, says Michael Kanef, a managing director in the structured finance group at Moody's Investors Service. The final balances of the Class A-2-I and A-2-II notes tranches may change by the time the deal closes, and the deal could be upsized to as much as $925 million, according to S&P Global Ratings. Cumulative gross issuance of whole-business securitizations reached about $35 billion at the end of 2018, compared with about $13 billion just four years earlier, according to S&P. Announces Completion of $40 Million Whole Business Securitization Transaction Transaction Significantly Lowers Cost of Capital Business Wire LOS ANGELES -- March 9, 2020 FAT(Fresh. Ambac Assurance serves as credit enhancer in whole business securitization of Sonic Corporation. "If you look across the fixed-income market with rates low and spreads in more traditional consumer ABS tightening, as well as spreads snug in investment grade and other liquid asset classes, it is understandable that investors are looking to non-traditional ABS," says … rather than backed by “assets” (accounts receivables, leases receivables, etc.). “whole-business securitization” and “operating-asset securitization.” In general, operating assets, such as fast food, clothing, film, or drug royalties, have been securitized in the context of the disposition of a sponsor’s whole business or of the whole business of a division of that sponsor’s business. KeyBanc Capital Markets and Rabo Securities USA are joint co-managers. The company was acquired by Inspire Brands, the fourth-largest U.S. restaurant company by systemwide sales, in 2018. The Consumer Financial Protection Bureau said that the Dallas-based auto lender knowingly supplied inaccurate consumer data to the three major credit reporting agencies. rather than backed by “assets” (accounts receivables, leases receivables, etc.). In some cases, such as whole business securitization, the principal revenue generating assets of the business will reside in the securitization structure, thereby making it difficult for the company to obtain financing outside the securitization. S&P Global Ratings expects the COVID-19 pandemic to result in a material negative sales impact for many U.S. whole business securitization (WBS) issuers. PACE sponsors are raising capital and promoting plans to retroactively fund stalled CRE projects amid the COVID-19 outbreak – a potential boost for what has been a shrinking assets class in ABS, Waters, Brown urge Mnuchin to halt housing finance reforms, FHFA proposes living wills for Fannie and Freddie, 2021 Outlook: What lies ahead for Libor transition, CFPB fines Santander Consumer $4.7M for fair-lending violations, CFPB orders Discover to pay $35 million for student lending mishaps, Foreclosures drop to new all-time low in November, Provident's next RMBS noted for 'unique' strong buyer pool, Seterus agrees to pay $5M in distressed servicing settlement with CFPB, Toomey’s compromise on Fed authority cleared way for stimulus deal. The deal, Sonic Capital LLC will issue $575 million of notes with a preliminary ‘BBB’ rating from Standard & Poor’s. Whole-business securitization, or WBS, is a practice a company can use to issue bonds backed by many of its revenue streams. December 2006. Sonic Industries is returning to the securitization market with seven-year bonds backed by current and future franchise fees, restaurant royalties and other intellectual property. About 4,400 loans started the foreclosure process in November, alongside 176,000 mortgages in active foreclosure. The agency cut both the Class A-1 and Class A-2 notes issued by the $425 million transaction by one notch, to BB+ from the original BBB-, citing the chain's declining debt-service coverage ratio as well as same-store sales and average unit volume. 21 Jul 2011 By: A novel financing technique is enabling companies to access credit at far cheaper rates and far more attractive terms than they could obtain in the bank debt market. This month, S&P Global Ratings issued a one-notch downgrade to two series of notes issued in TGI Friday's 2017 whole-business securitization. But Sonic’s deal is “generally in line” with non-restaurant deals conducted by Driven Brand and Planet Fitness, Kroll added. Approximately 89% of the store locations are franchised, with the remaining 11% company-owned. For reprint and licensing requests for this article. The chain has 3,385 franchised locations and 198 company-operated sites in 46 states, according to presale reports. Its whole-business securitization from 2019, rated triple-B by S&P Global Ratings, traded at more than 100 cents on the dollar on March 11, then tumbled to about 77 cents in April, Trace data show. This transaction represents the first securitization issued by Bojangles Issuer, LLC and is structured as a "whole business securitization" in which Bojangles’ Restaurants, Inc. will contribute most of its revenue-generating assets to the Issuer. Guggenheim’s securitization of the Planet Fitness gym franchise was a strong example of its work in whole-business securitization. The notes have preliminary BBB ratings from both Kroll Bond Rating Agency and S&P. He makes an argument on two fronts: First, that these deals are coming to the fore … Clients Ambac Assurance Corporation. §Assessed based on "Corporate Methodology," published on Nov. 19, 2013. However, over 40% of those stores are concentrated in three states: Texas, Tennessee and Oklahoma. A whole business securitization (WBS) is a transaction in which an issuance of notes is secured by a pool of income-generating assets (other than “financial assets” like loans or receivables) that make up substantially all the revenues of a business. Moody's will host a teleconference on Thursday, May 5, 2011 beginning at 11:00 AM EDT/8:00 AM PDT. Sonic has utilized whole-business securitization to finance operations since 2013, when it was independently owned. Whole business securitization is a transaction structure used in countries with creditor-friendly bankruptcy regimes more friendly than the United States's regime. Sonic Corp. (Nasdaq: SONC) is marketing $170 million in bonds backed by royalties and franchise fees that will be issued through its whole-business securitization master trust. In addition, funds from the note sale will also repay various note classes of similar whole-business backed bonds that were sold by Arby’s Funding, LLC (another Mavericks subsidiary). Part of Fitch's reasoning rests on the fact that many of these sponsors are securitizing the vast majority of their assets and liabilities, a rather stark contrast to traditional securitizations that are designed to isolate … The proposal would require the government-sponsored enterprises to craft resolution plans similar to regulations imposed on the largest U.S. banks. The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action. For example, Standard & Poor’s focuses on four key concerns. In a standard ‘whole-business securitization’ transaction, a fi nancial institution grants the sponsor a loan secured by a pledge on a specifi c set of assets. The securitisation of the royalty payments of franchises for acquisition of Dunkin' Brands deal was as close to a whole business securitization as is possible under US law. A whole business securitization is a finance method backed by cash flows generated from “business” itself (or sometimes including cash flows generated from asset sale, etc.) Fitch Ratings-Chicago-09 December 2019: The overall benefits of U.S. whole business securitization (WBS), or corporate securitization, are often overstated, according to Fitch Ratings. It is also becoming more familiar to regulators outside the United States. Collateral and Industries The likely extension of support of Libor until June 30, 2023 is a major plus for the securitization market, fending off potential market disruption the buying and trading of $1.8 trillion in outstanding asset-backed securities because of the planned cessation of the benchmark rate by the end of 2021. The nonbank lender is co-sponsoring a $258.4 million residential mortgage pool comprised entirely of wealthy borrowers with 15-year term contracts. This transaction represents a refinancing of Sonic's current outstanding whole business/franchisee fee securitization issued in 2006. Th e security attached to the loan is also transferred to the SPV. Apart from Dunkin’ Brands $1.7 billion franchise royalty securitization in 2006, $1.8 billion Sears Holdings transaction in 2007, and deals from Applebee’s and IHOP in 2007 were also one of the biggest intellectual property securitizations. Each franchised Sonic drive-in operates under a franchise agreement that requires payments to Sonic of an initial franchise fee and a royalty fee based on a graduated percentage of gross revenues. Experience Our finance and securities practices are consistently ranked among the world’s best in each area, and have recently received practice-wide and individual lawyer recognition in Chambers USA, The Legal 500, and U.S. News. The Consumer Financial Protection Bureau said that the Dallas-based auto lender knowingly supplied inaccurate consumer data to the three major credit reporting agencies. The Issuer is expected to issue $40 million of Series 2020-1, Class A-1 Notes (the "Class A-1 Notes") and $415 million Series 2020-1, Class A-2 Notes (the "Class … Whole business securitization: Business risk profile§ DSCR analysis† Anchor‡ *Assessed based on "Project Finance Operations Methodology," published on Sept. 16, 2014. The Pennsylvania senator, who will chair the Banking Committee if Republicans hold their majority, agreed to modify an amendment restricting the Federal Reserve’s emergency powers that Democrats had criticized as too extreme. Dine Brands, parent company of Applebee’s and IHOP, priced a $1.72bn whole business deal that will pay off outstanding ABS notes. Sonic has utilized whole-business securitization to finance operations since 2013, when it was independently owned. The Global Market for Asset -Backed Securities Prof. Ian Giddy Stern School of Business New York University Asset -Backed Securities Moody's assigns definitive rating to Sonic Capital whole business/franchise fee securitization 19 Jul 2013 $155 million of securities rated New York, July 19, 2013 -- Moody's Investors Service has assigned a definitive rating of Baa2 (sf) to the Series 2013-1 Class A-2 Senior Secured Notes (the Notes). The deal, Sonic Capital LLC will issue $575 million of notes with a preliminary ‘BBB’ rating from Standard & Poor’s. The sponsor was last in the market in 2013 when it issued $155 million in a private transaction; that deal refinance part of the $600 million that it originally issued in 2011. Sonic Drive-In, a nationwide chain of restaurants noted for its signature bellhop attendants, is marketing a fifth issuance of notes backed by franchise-fee revenues through its whole-business securitization master trust. The company was accused of sending borrowers erroneous loan modification information between 2014 and 2018. In these transactions, which now Domino’s Pizza is preparing to sell an $800m whole business securitization backed by royalty cash flows and franchise agreements of the company’s more than 10,000 store locations. For reprint and licensing requests for this article. Securitization is considered to be “good for business” by compelling an issuer to be more disciplined in how it operates its businesses thereby improving systems, documentation and the issuer’s understanding of the real cost of its portfolio. If it is sought to rate an issue above the originator’s rating, then the key operating company should ideally be a single-business … FAT Brands Inc. Guggenheim Securities is the arranger. The $875 million Series 2020-1 Issuance from Sonic Capital LLC will raise funds to refinance outstanding notes from its 2013 and 2016 notes series, as well as repay debt with Sonic’s parent company, Mavericks Inc., formerly known as Inspire Brands. Sonic, headquartered in Oklahoma City, differentiates itself from its competitors by using a drive-in format where customers remain in their cars and the food is delivered to them. In a press release issued last week, the company said that the 2013-1 Senior Secured Fixed Rate Notes, which were issued in a private transaction, have an expected life of seven years and bear interest at 3.75% per annum, payable monthly, with no scheduled principal amortization. The underlying assets are the summation of the The Pennsylvania senator, who will chair the Banking Committee if Republicans hold their majority, agreed to modify an amendment restricting the Federal Reserve’s emergency powers that Democrats had criticized as too extreme. Mavericks Inc. itself is majority owned by Roark Capital, which has extensive experience in franchise-fee securitization with its other affiliates such as Primrose, Driven Brands, CKR Restaurants, Massage Envy and Focus Brands. The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action. It is the largest whole-business securitization since the credit crisis – and more than $1 billion larger than the Sonic Drive-In transaction last year. For the first time in three years, the company had positive year-over-year same-store sales after conducting refranchising efforts in 2017 and 2018. About 4,400 loans started the foreclosure process in November, alongside 176,000 mortgages in active foreclosure. (Sonic, founded in1953, is headquartered in Oklahoma City.). Inspire’s portfolio of restaurants includes Arby’s, Buffalo Wild Wings, Jimmy John’s and Rusty Taco. The Sonic system has been in operation for over 60 years and features 1950s-style décor. A whole business securitization is a finance method backed by cash flows generated from “business” itself (or sometimes including cash flows generated from asset sale, etc.) The Series 2020-1 offering includes $400 million in A-2-I notes and $450 million in A-2-II notes, as well as a $25 million A-1 variable funding notes, according to presale reports. The locations are open throughout the day and have a diverse menu that includes hamburgers, hot dogs, breakfast items, frozen desserts, and beverages, all of which can be customized. It has a hybrid nature which holds characteristics of both a secured corporate finance and an asset securitization. The global response to the virus has included mandatory business closures, reductions in maximum permitted occupancies, and encouraged social distancing. It has a hybrid nature which holds characteristics of both a secured corporate finance and an asset securitization. In order to rate a whole business securitization, rating agencies have adopted an approach that combines elements of a structured or securitization transaction and a corporate transaction. The proposal would require the government-sponsored enterprises to craft resolution plans similar to regulations imposed on the largest U.S. banks. Status of originator. Sonic Capital LLC Series 2018-1 consists of a single-tranche of Class A-2 notes that will be used primarily to repay the outstanding $98 million balance on variable-funding notes issued through the drive-in chain’s 2016 … The company was accused of sending borrowers erroneous loan modification information between 2014 and 2018. †Assessed based on "Stand-Alone Credit Profiles: One Component Of A Rating," published on Oct. 1, 2010. The top Democrats on the House and Senate banking committees urged the Trump administration to pull the plug on any steps to overhaul Fannie Mae and Freddie Mac with the pandemic still taking a toll on the economy. The likely extension of support of Libor until June 30, 2023 is a major plus for the securitization market, fending off potential market disruption the buying and trading of $1.8 trillion in outstanding asset-backed securities because of the planned cessation of the benchmark rate by the end of 2021. Inspire’s portfolio of restaurants includes Arby’s, Buffalo Wild Wings, Jimmy John’s and Rusty Taco. Th is secured loan is then transferred to a bankruptcy-remote special purpose vehicle which issues the notes. to a bankruptcy-remote, special purpose vehicle, which serve as collateral for the offered notes. '' published on Oct. 1, 2010 a Rating, '' published on Oct. 1, 2010 in! 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