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Cases & Deals

April 7, 2017

King & Spalding Advises on Esoteric Securitization Backed by Franchise Royalties of Six Restaurant Brands

NEW YORK, Apr. 7, 2017 – King & Spalding represented a major international investment bank as the sole structuring advisor and sole active book-running manager in an $800 million “whole business securitization” of the franchise assets of Focus Brands Inc. in a deal that closed April 6.

Focus Brands Inc. is the operator of quick service and fast casual restaurant brands Auntie Anne’s, Carvel, Cinnabon, McAlister’s Deli, Moe’s Southwest Grill and Schlotzsky’s.

The whole-business securitization 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, including the recent TGI Friday’s transaction earlier in 2017.

The King & Spalding finance team was led by partner Michael Urschel and included partner Jeff Misher, counsel Anthony Mechcatie, associates Samantha Gleit, Tad Bardenwerper, Robyn Cho, Adam Ghebrekristos, Fil Sexton and Eugene Pevzner, and staff attorney Bert Eidson, with assistance from partners Sarah Borders (bankruptcy), John Taylor (tax) and Christine Savage (regulatory matters), and associate Alex Yacoub (IP).

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 1,000 lawyers in 19 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