skip to main content

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

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.

© 2024 Paul, Weiss, Rifkind, Wharton & Garrison LLP

Privacy Policy