Business
The Wendy's Company Prices $850 Million Securitized Financing Facility
DUBLIN, Ohio, June 13, 2019 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) (the "Company") today announced that it has entered into a purchase agreement
About this update from Wendy's Company (the)
[{"type":"text","content":"\n DUBLIN, Ohio, June 13, 2019 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) (the \"Company\") today announced that it has entered into a purchase agreement (the \"Purchase Agreement\") under which one of its indirect, special purpose subsidiaries (the \"Master Issuer\") has agreed to issue and sell $400 million of its Series 2019-1 3.783% Fixed Rate Senior Secured Notes, Class A-2-I (the \"Class A-2-I Notes\") and $450 million of its Series 2019-1 4.080% Fixed Rate Senior Secured Notes, Class A-2-II (the \"Class A-2-II Notes\" and, together with the Class A-2-I Notes, the \"2019 Notes\"). Interest payments on the 2019 Notes are payable on a quarterly basis. The anticipated repayment dates of the Class A-2-I Notes and the Class A-2-II Notes will be September 2026 and September 2029, respectively, unless earlier prepaid to the extent permitted under the indenture that will govern the 2019 Notes. The 2019 Notes are expected to be issued by the Master Issuer in a privately placed securitization transaction.\n\n \n\n \nThe net proceeds from the expected sale of the 2019 Notes after deducting transaction costs, together with cash on the Company's balance sheet, will be used to repay in full the Master Issuer's outstanding Series 2015-1 Class A-2-II Notes (the \"2015 Notes\").\nThe Master Issuer also intends to enter into a purchase agreement under which it will issue $150 million of its Series 2019-1 Variable Funding Senior Secured Notes, Class A-1 (the \"Class A-1 Notes\"), which will allow the Master Issuer to borrow amounts from time to time on a revolving basis. The Class A-1 Notes will replace the Company's existing $150 million Series 2018-1 Variable Funding Senior Secured Notes, Class A-1.\nThe closing of the sale of the 2019 Notes is expected to occur by the end of the second quarter of 2019, subject to satisfaction of various closing conditions. There can be no assurance regarding the timing of the closing or that the sale of the 2019 Notes or repayment of the 2015 Notes will be completed.\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy the 2019 Notes or any other security. The 2019 Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the \"Securities Act\"), or any state securities laws, and may not be offered or sold in the United...