News

Wendy's subsidiaries to issue $850M in new notes

June 5, 2019

The Wendy's Company said some of its subsidiaries are refinancing some of their outstanding securitization debt with new securitized notes under the existing financing facility, according to a news release. 

The subsidiaries will issue at least $850 million of new fixed rate senior secured notes, with plans to use the net proceeds, along with cash on the balance sheet to repay approximately $869 million in outstanding Series 2015-1 Class A-2-II Notes, along with fees and expenses. 

The company's subsidiaries also intend to enter into a $150 million variable funding senior secured note facility, which will replace the Series 2018-1 Class A-1 Notes. The offering should close by the end of Q2 2019.