Wendy's Subsidiaries To Commence Refinancing Transaction - Quick Facts

(RTTNews) - The Wendy's Company (WEN) announced that certain of its subsidiaries commenced a refinancing transaction, which will consist of the refinancing of a portion of their outstanding securitization debt with a new series of securitized debt. The offering is anticipated to close in the first quarter of 2018.

The company's subsidiaries intend to issue at least $875 million of new senior secured notes (the "Series 2018-1 Notes") and plan to use the net proceeds from the sale of the Series 2018-1 Notes to redeem the Series 2015-1 Class A-2-I Notes, pay related transaction and prepayment costs, and for general corporate purposes. At the end of the third fiscal quarter of 2017, the balance of the Series 2015-1 Class A-2-I Notes outstanding was approximately $858 million.

The company's subsidiaries also intend to enter into a new $150 million variable funding note facility, which will replace the Series 2015-1 Class A-1 Notes.