KBRA Assigned Preliminary Rating to Sonic Capital LLC, Series 2020-1

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) announces the preliminary rating to three note classes of Sonic Capital LLC, a whole business securitization.

This transaction represents the fifth whole business securitization (“WBS”) issued by Sonic Funding LLC (the “Master Issuer”). The proceeds from the Series 2020-1 Notes will be used to refinance the Master Issuer’s Series 2013-1 Class A-2 Notes and Series 2016-1 Class A-2 Notes, repay certain borrowings at Sonic’s parent company and various note classes of Arby’s Funding, LLC (like Sonic, a subsidiary of Mavericks, Inc., a Delaware corporation formerly known as Inspire Brands, Inc.), pay certain transaction-related expenses and for general corporate purposes, which may include further debt reductions.

The collateral supporting the issuance of all notes under the master trust includes existing and future domestic franchise and development agreements, existing and future company-operated restaurant royalties, domestic real estate assets and lease payments and intellectual property (“IP”). The Company is the franchisor and operator of restaurants under the Sonic brand.

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com)



About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.


Analytical Contacts:
Xilun Chen, Senior Director

(646) 731-2431


Abby Barkwell, Associate Director

(646) 731-3304


Shane Olaleye, Associate Director

(646) 731-2432


Michael Lepri, Associate Director

(646) 731-3389


Business Development Contact:
Ted Burbage, Managing Director

(646) 731-3325


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