Burger chain cooks up whole biz ABS

Carl's Jr Burger 575 375
By Jennifer Kang
18 Nov 2020

Fast food franchise company CKE Restaurants Holdings priced a $400m whole business securitization several points tighter than initial pricing thoughts. With Roark Capital as its sponsor, the transaction stands out among other brands for its reliable performance and name value, sources say.

CKE Restaurants Holdings saw the seven-year ‘A-2’ notes price at par with a coupon of 4%, just inside initial price thoughts, which predicted a number between 4.25% and 4.50%.

Barclays, Bank of America and Morgan Stanley were joint leads for this transaction, and the proceeds from the ...

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