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)
- Sonic Funding LLC, Series 2020-1 Pre-Sale Report
- Global General Rating Methodology for Asset-Backed Securities
- Global Structured Finance Counterparty Methodology
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Xilun Chen, Senior Director
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