Wendy’s Closes $2.275 Billion Whole Business Securitization

See Also

• Corporate
• Finance
• Capital Markets & Securities
• IP Transactions
• Employee Benefits & Executive Compensation
• Tax
• Restructuring
• Real Estate

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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.