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Cases & Deals

May 11, 2016

King & Spalding Advises Investment Banks in $2.3 Billion Whole Business Securitization

NEW YORK, May 11, 2016 — King & Spalding represented three major investment banks as joint lead managers and joint active bookrunners in a $2.3 billion “whole business securitization” of the Taco Bell franchising and company-owned restaurant royalties of Yum! Brands, Inc., in a deal that closed today.

King & Spalding has represented investment banks in similar transactions for the franchise assets of Driven Brands, Inc., and Arby’s Restaurant Group and has advised on a number of other “esoteric” securitization deals in the past 12 months.

The King & Spalding team was led by partner Michael Urschel and included finance counsel Anthony Mechcatie, senior associate Matthew Sandiford and associates Samantha Rothman, Laura Newsom, Robyn Cho, Tad Bardenwerper and attorney Bert Eidson. Also providing assistance were partners Sarah Borders (bankruptcy), Carrie Ratliff (corporate), Scott Petty (IP); and John Sweet and John Taylor (tax), senior associate Emily Meyer (tax) and associates Courtney Byrne, Stephanie Levin and Gene Levin (corporate); and Robert Jones and Alex Yacoub (IP).

King & Spalding’s Global Finance practice brings together more than 100 finance lawyers located in offices across the United States, Europe, Asia and the Middle East to represent lenders, investors, funds and borrowers in the full range of secured and unsecured financings. In each of 2014 and 2015, the firm closed approximately 200 finance transactions for our clients, amounting to over $120 billion in aggregate financing.

About King & Spalding
Celebrating more than 130 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with more than 900 lawyers in 18 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality, and dedication to understanding the business and culture of its clients. More information is available at