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Cases & Deals

November 29, 2018

King & Spalding Closes Three More Whole Business Restaurant Securitizations


NEW YORK, November 29, 2018 — King & Spalding closed three whole business restaurant transactions in the last month involving well-known restaurant chains Taco Bell, Wingstop and Jamba Juice.

In a deal that closed on November 28, King & Spalding represented two major international investment banks as the representatives of the initial purchasers in the securitization of the franchise assets of Taco Bell and the offering of $1.45 billion of fixed rate notes to investors.

In a deal that closed on November 14, King & Spalding represented a major international investment bank as the sole structuring advisor and sole book-running manager in the securitization of the franchise assets of Wingstop Inc. and the offering of $320 million of fixed rate notes to investors.

Finally, in a deal that closed on October 29, King & Spalding represented a major international investment bank as the as the sole structuring advisor, lead book-running manager and representative of the other initial purchasers in the securitization of the franchise assets of Focus Brands Inc. (“Focus Brands”) and the offering of $300 million of fixed rate notes to investors to finance Focus Brands’ recent acquisition of Jamba Juice.

These securitizations follow King & Spalding's representation of several major investment banks and issuers in other recent, headline, esoteric securitizations. The King & Spalding finance team for the transactions was compromised of partners Michael Urschel, Matthew Sandiford and Jeff Misher, counsel Anthony Mechcatie and Ryan McNaughton, associates Jennifer Tian, Adam Ghebrekristos, Martin Eid, Katie Weiss, Charlene Yin, Amber Dong, Josh Saccurato, Ariel Emmanuel and Katy Alexander, and senior attorney Bert Eidson, with assistance from partners Sarah Borders (bankruptcy), John Taylor (tax), Angela Hayes (regulatory), Sam Choy (ERISA), counsel Kevin Manz (regulatory), senior associates Alex Yacoub (IP), and Daniel Hirschfield (regulatory) and associate John Green (tax).