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Cases & Deals

March 3, 2017

King & Spalding Advises on Another Esoteric Securitization Backed by Restaurant Franchise Royalties

NEW YORK, Mar. 3, 2017––King & Spalding represented a major international investment bank as the sole structuring advisor and sole active book-running manager in a $425 million “whole business securitization” of the franchise assets of TGI Friday’s Inc.

The whole business securitization deal, which closed on March 2, follows the firm’s representation of several major investment banks and issuers in other recent, headline esoteric securitizations in the restaurant, automotive services, telecommunications and container shipping industries.

The King & Spalding finance team was led by partner Michael Urschel and included partner Jeff Misher, counsel Anthony Mechcatie, associates Tad Bardenwerper, Adam Ghebrekristos, Robyn Cho and Eugene Pevzner, and staff attorney Bert Eidson, with assistance from partners Elisabeth Baltay (UK), Sarah Borders (bankruptcy), John Taylor (tax), Kenneth Raskin (ERISA) and Jeff Stein (corporate), senior associates Laura Westfall (ERISA) and Zach Cochran (corporate), and associates Alex Yacoub (IP) and Robert Jones (IP).

King & Spalding 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.  Over the past three years, we closed approximately 600 finance transactions for our clients, amounting to $165 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 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