FAT Brands Announces Amendments to Fazoli's Securitization

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[{"type":"text","content":"FAT Brands Announces Amendments to Fazoli’s Securitization\n\n\n\n\n LOS ANGELES, April 04, 2025 (GLOBE NEWSWIRE) --\n \n\n\n FAT\n \n\n (Fresh. Authentic. Tasty.) Brands Inc.\n \n\n (NASDAQ: FAT) (“FAT Brands” or the “Company”), a leading global franchising company and parent company of iconic brands including Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, Fazoli’s and 13 other restaurant concepts, announces amendments to its whole business securitization credit facility for its Fazoli’s and Native Grill & Wings restaurant brands (the “\n \n Fazoli’s Securitization\n \n ”).\n \n\n The amendments to the Fazoli’s Securitization include the following key features:\n \n\n\n The “Anticipated Repayment Date” of the Class A-2 Notes has been extended from January 2025 to July 2026. If the Class A-2 Notes are not repaid or refinanced by the Anticipated Repayment Date, additional interest of 2.5% per annum will accrue on the Class A-2 Notes.\n \n\n\n\n The “Anticipated Call Date” of all tranches of Notes issued under the Fazoli’s Securitization has been extended from July 2023 to October 2025. If the Notes are not repaid or refinanced by the Anticipated Call Date, additional interest of 1.0% per annum will accrue on each tranche of Notes.\n \n\n\n\n Certain financial covenants tied to debt service coverage ratios or leverage ratios that, if triggered, could cause a “Rapid Amortization Event”, “Cash Flow Sweeping Event” or “Event of Default” under the Fazoli’s Securitization have been relaxed or deferred to dates in 2026.\n \n\n\n\n The bond indenture has been amended to allow sales of company restaurants to franchisees for conversion to franchised restaurants, permitting the Company to refranchise all or a portion of its corporate-owned Fazoli’s restaurants.\n \n\n\n Andy Wiederhorn, Chairman of FAT Brands, said, “We are pleased to announce the successful amendment of the Fazoli’s credit facility, resulting in improved terms that enhance our financial flexibility. The amended terms have extended both the call date and repayment date while relaxing certain covenants, providing us with greater operational flexibility for Fazoli&#x2...

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