Restaurant chain brings upsized whole biz ABS on blockchain

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By Jennifer Kang
27 Jan 2020

FAT Brands is close to issuing its first-ever whole business ABS secured on the blockchain. The size of the offering, which has been in the works since last September, has been increased to capitalize on the success of the franchise ABS sector in recent months, sources said.

The transaction comprises four tranches — the senior 'A-1' and 'A-2' notes, as well as subordinate 'B-1' and 'B-2' notes. DBRS Morningstar, which sources had pointed to as the most likely candidate to rate the deal, assigned a BB rating for the senior tranches and a B for ...

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