07 Jan KBRA Assigned Preliminary Rating to Sonic Capital LLC, Series 2020-1
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)
CONNECT WITH KBRA
About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Xilun Chen, Senior Director
Abby Barkwell, Associate Director
Shane Olaleye, Associate Director
Michael Lepri, Associate Director
Business Development Contact:
Ted Burbage, Managing Director