Cheap funding lures Sonic back to ABS market
Fast food chain Sonic Drive-In is marketing a securitization this week, with executives saying this month that they would be looking to lock in a “favorable” interest rate to refinance a 2016 deal.
Guggenheim is the sole book runner for the $170m deal, which will refinance a $98m outstanding variable-funding note issued in 2016, according to an S&P presale. The remaining proceeds, minus transaction fees and expenses, will go towards capital returns to shareholders, according to the presale.The deal is ...
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