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.
Church’s Chicken Completes $250 Million Securitization
- Client News
- November 5, 2021
Paul, Weiss advised Church’s Chicken, High Bluff Capital Partners and FS Investments in an offering of $225,000,000 Series 2021-1 Fixed Rate Senior Secured Notes, Class A-2, and an offering of $25,000,000 Series 2021-1 Variable Funding Senior Secured Notes, Class A-1. Church’s Chicken is one of the world’s largest quick service chicken restaurant chains.
The Class A-2 notes offering was structured as a whole business securitization through five special purpose subsidiaries; the notes were priced at a coupon of 3.931% and have an expected term of five years. The proceeds will be used to repay a bridge facility that High Bluff, supported by various alternative investment funds managed by FS Investments, used to acquire Church’s Chicken in September 2021. The Class A-1 notes will allow the Co-Issuers to borrow amounts from time to time on a revolving basis.
The Paul, Weiss team included corporate partners Jordan Yarett and Austin Pollet, and counsel Mikhel Schecter and Suhan Shim; tax partner Brian Krause; restructuring partner Kyle Kimpler; executive compensation counsel Jake Glazeski; and litigation counsel Steven Herzog.