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Wingstop Increases Size of Recently Announced Securitized Financing Facility
DALLAS, Oct. 8, 2020 /PRNewswire/ -- Wingstop Inc. ("Wingstop" or the "Company") (NASDAQ: WING) is providing an update to its October 5, 2020 announcement of
About this update from Wingstop Inc.
[{"type":"text","content":"DALLAS, Oct. 8, 2020 /PRNewswire/ -- Wingstop Inc. (\"Wingstop\" or the \"Company\") (NASDAQ: WING) is providing an update to its October 5, 2020 announcement of its intent to refinance its existing securitized financing facility. Today the Company announced an increase in the size of the senior term notes (the \"Notes\") offering from $400 million to approximately $480 million. This is in conjunction with the Company's intention to refinance its existing securitized financing facility with a new securitized financing facility, now expected to consist of approximately $480 million of senior term notes and $50 million of senior variable funding 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. As previously stated, the Company intends to use the net proceeds from the sale of the Notes to repay its existing securitized financing indebtedness and pay transaction costs associated with the refinancing, strengthen the Company's liquidity position, and for general corporate purposes which, with this increased offering size, may include a return of capital to shareholders. \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.\...