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Wingstop details new $320 million securitization financing facility
By Sarah Lizee
Olympia, Wash., Nov. 14 – Wingstop Inc. provided details in a Wednesday press release of its new $320 million securitized financing facility, the proceeds of which are expected to be used to refinance its existing senior secured credit facility.
The facility includes securitized series 2018-1 class A-2 senior secured notes that are subject to 1% annual amortization, bear interest at a rate of 4.97% per annum and have an anticipated repayment date of December 2023. Interest is payable quarterly.
The facility also includes a $20 million variable-funding note facility, which will allow the issuer to borrow amounts as needed on a revolving basis.
Proceeds will be used for a special cash dividend payment, to repay and retire existing senior secured debt, to pay transaction costs associated with the refinancing and for general corporate purposes.
The restaurant franchise is based in Dallas.
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