Domino’s raises $1.32 billion in ABS sale to refinance debt
Domino's also raised $320 million through a variable funding note facility, not offered to investors. Barclays Plc is leading the transaction, joined by Guggenheim Securities LLC.
Restaurant industry
Applebee’s, IHOP aim to raise $1 billion in whole business ABS deal
Several features, including a couple of cash trapping mechanisms and a rapid amortization feature, help maintain cashflow to the notes.
Cajun Global issues another $100 million from its whole business master trust
Debt service coverage ratio triggers, including cash trapping and rapid amortization, will provide much of the credit enhancements to the notes.
As winter approaches, banks brace for defaults on restaurant loans
Many eateries that relied on outdoor dining to survive the pandemic could see revenues plummet as the weather turns cold.
Loss of appetite: How COVID-19 is impacting the franchising sector
The collapse of dine-in revenues for restaurant chains during the outbreak is placing whole biz deals under the ratings microscope.
By
John Hintze
