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This is the latest in a series of whole business securitizations issued by Planet Fitness. In January 2022, it sold a $975 million deal, on which Guggenheim was also sole structuring advisor and bookrunner.
Urschel has covered complex esoteric asset-backed securities such as whole business, digital infrastructure and energy asset securitization. Chambers USA ranks Urschel in band 1 for whole business securitizations group.
The portfolio consists of about 75.8% PPA agreements and 24% lease agreements, when measured by customer contracts with monthly payments
The bond offering is already more than two times oversubscribed, according to people familiar. Demand for available bonds that were not already committed is around four times or more.
Marlette Funding partnered with Cross River Bank to originate the Prime loans, which account for 86.3% of the pool.
While the total credit enhancement package is higher to overcollateralization, which represents 1.00% of the pool balance, was lower than the 3.00% seen on the HGVT 2023-1 deal.
The owner of brands such as Vitamin Shoppe and American Freight told investors revenue showed a double-digit drop from a year earlier. Franchise Group is planning to cut debt and exploring securitization within its Pet Supplies Plus business, the people said.
The current portfolio is secured by tax liens from municipalities in eight states and Washington, D.C., that have a redemption value, or the approximate value of the outstanding liens, of about $119.6 million with an original lien rate of 12.2%.
The deal includes subordination in the form of class B notes, a rarity for whole business securitization deals.
The company struck a deal with the food products firm earlier this week, which allowed Kraft Heinz to continue selling TGI Fridays food products and control the license.
Only tangible, high-value works of art or collectible items will be allowed in the Sotheby's ArtFi Master Trust asset pool, and Sotheby's Financial Services eschews originating loans funded by NFTs or other intangible assets.
Esoteric ABS deals — backed by collateral other than student, auto, credit card and equipment loans — have risen to about 31% of the ABS market from 9% over the last decade.
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
The portfolio does not have any meaningful originations that have completed a full repayment cycle, making the company's performance data thin.
The initial protection amount, Moody's says, is 12.5% of the total reference pool and equals the principal amount of the rated and unrated issued notes.
That the underlying contract holders prioritize using their smartphones and other mobile devices suggests that they are likely to prioritize payments related to those products.
Fiber securitization backed by month-to-month residential fiber internet revenue didn't exist before 2022. Before that, there were some smaller transactions secured by long-term contracts.
BJETS 2024-1 has leases and loans on 31 business jets in the collateral pool, 12 from Gulfstream and 11 from Bombardier, the two largest contributors.
The four classes of notes are expected to price between 115 basis points on the class A notes to 415 bps on the class D, putting them virtually at par.
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