Sonic brings first whole biz securitization of the year

Quick burger - for GC web
By Jennifer Kang
08 Jan 2020

Fast food chain Sonic is in the market with the first whole business securitization of 2020, with sources saying the deal is already garnering strong interest from investors eager to put new money to work in a sector that had a banner year in 2019.

The $850m offering is the biggest Sonic has done, and the fifth out of the Sonic Capital master trust created in 2011, according to a Kroll Bond Rating Agency pre-sale report. The transaction has two tranches, a $400m ‘A-2-I’ tranche and a $450m ‘A-2-II’ tranche. The tranche sizes ...

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