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Driven Brands Closes $450 Million Securitization

Paul, Weiss advised Roark Capital Group portfolio companies Driven Brands Funding, LLC and Driven Brands Canada Funding Corporation as co-issuers in the $450 million securitization of existing company-owned stores and franchise quick-lube assets, and certain existing revenue-generating contracts, intellectual property and other related collateral. The two companies are leading franchisors and operators of aftermarket automobile services and parts distribution centers in the United States and Canada.

This securitization was the eighth issuance by Driven Brands Funding, the second issuance by Driven Brands Canada Funding, and the second issuance by the co-issuers this year under a master indenture, pursuant to which over $2 billion of securitization notes have been issued. The proceeds of this securitization were used to repay in full the co-issuers’ outstanding obligations under the 2015 and 2016 series of securitization notes, and for general corporate purposes.

The Paul, Weiss team included finance partners Jordan Yarett and Robert Zochowski, and counsel Mikhel Schecter; securities partner John Kennedy; restructuring partners Alice Eaton and Kyle Kimpler; intellectual property partner Claudine Meredith-Goujon; tax partner Scott Sontag; executive compensation partner Lawrence Witdorchic and counsel Uri Horowitz; and litigation counsel Steven Herzog.

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