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Wingstop Inc. Announces Intention to Refinance its Existing Securitized Financing Facility
DALLAS, Oct. 5, 2020 /PRNewswire/ -- Wingstop Inc. ("Wingstop" or the "Company") (NASDAQ: WING) today announced its intention to refinance its existing
About this update from Wingstop Inc.
[{"type":"text","content":"DALLAS, Oct. 5, 2020 /PRNewswire/ -- Wingstop Inc. (\"Wingstop\" or the \"Company\") (NASDAQ: WING) today announced its intention to refinance its existing securitized financing facility with a new securitized financing facility, expected to be comprised of approximately $400 million of senior term notes and $50 million of senior variable funding notes (the \"Notes\").\n\n \n \n \n \n \n \n\n \nAs of September 26, 2020, the outstanding balance of the Company's securitized financing facility was approximately $317 million of senior term notes and $16 million of senior variable funding notes. The Company intends to use the net proceeds from the sale of the Notes to repay its existing securitized financing indebtedness and to pay transaction costs associated with the refinancing. This transaction will also further strengthen the Company's liquidity position.\nThe refinancing transaction is subject to market and other conditions and is anticipated to close in the fourth quarter of 2020. There can be no assurance regarding the timing of the refinancing transaction, the interest rate at which the Company's existing securitized financing indebtedness would be refinanced, or that the refinancing transaction will be completed. \nThis press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security. The Notes are expected to be offered pursuant to an exemption from the registration requirements of the Securities Act of 1933 (the \"Securities Act\") and applicable state securities laws and accordingly have not been, and will not be, registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.\nAbout Wingstop\nFounded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises over 1,400 locations worldwide. The Wing Experts are dedicated to Serving the World Flavor through an unparalleled guest experience and offering of classic wings, boneless wings and tenders, always cooked to order and hand-sauced-and-tossed in fans' choice of 11 bold, distinctiv...