Driven Brands readies first whole biz ABS since March

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By Jennifer Kang
24 Jun 2020

Auto repair franchise Driven Brands is preparing a 144A securitization, the first whole business transaction since the sector was shuttered in March. There is high demand for it, boosted by improving used car values and a lack of resilient esoteric ABS paper, sources said.

Driven Brands’ newest deal is $175m, on the smaller side compared to its past deals. The company last tapped the ABS market in September 2019 with a single tranche deal priced to yield 4%. 

In light of the recession resulting from Covid-19, Driven Brands has added more collateral to ...

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