Our Finance Group helps clients navigate the business and legal complexities of novel and multidimensional debt financing transactions. We fully understand the challenges faced by borrowers, investors and lenders throughout a company’s lifecycle, from evolving techniques in acquisition finance to the tensions inherent in distressed situations. We are the firm of choice for the most innovative and complex financing matters, including bespoke structured financings and whole-business securitizations of novel assets and restructurings of multibillion-dollar companies.
Wendy’s Closes $2.275 Billion Whole Business Securitization
- Client News
- June 1, 2015
Paul, Weiss represented The Wendy's Company in connection with
its $2.275 billion whole business securitization of its franchise
system. Wendy's Funding, LLC issued securitization notes, rated BBB
by Standard & Poor's Rating Services, which, among other
things, enabled the company to refinance its existing debt and
return cash to shareholders. Guggenheim Securities acted as
representative of the several initial purchasers of the notes.
Notable legal issues of interest included structuring around
covenants associated with existing debentures that were left
outstanding, the contribution to the securitization entities of all
domestic and international, excluding Canada, franchise assets,
certain company-operated restaurant assets, over 600 owned real
properties and substantially all worldwide intellectual property
and drafting disclosure related to the foregoing.
The Paul, Weiss team included financing partners Valerie
Radwaner and Jordan Yarett; securities partners Brian Janson
and John
Kennedy and counsel Phil Heimowitz; intellectual
property counsel Claudine Meredith-Goujon;
employee benefits partner Lawrence Witdorchic; tax
partners Richard Bronstein and Jeffrey
Samuels and counsel Alyssa Wolpin; bankruptcy partner Alice
Eaton; and real estate partner Peter Fisch.