Investors had better hope it does; the spectrum rights backing the notes would be less valuable to a combined Sprint and T-Mobile, decreasing recovery in the event of default.
The sandwich restaurant chain will use proceeds so repay debt taken on when it was acquired by Roark Capital last year, incliuding a term loan facility.
The move follows mounting criticism that many homeowners using property assessments to finance energy efficiency upgrades can neither understand, nor afford, the terms of deals.
Welk Resort Group is coming to market after a two-year hiatus; its previous securitization has yet to experience losses, but only because the sponsor is repurchasing defaulted loans from the trust.
The notes are backed by a revolving pool of short-term receivables generated from the sale of crude oil, oil products, non-ferrous metals, non-ferrous metal concentrates, iron ore, coal and refined metals.
The bonds are backed by contract payments on customer cellphones, a new asset class that has proven popular because of its high payment priority and potential for sizable issuance.
On Tuesday, state legislators voted to override Gov. Sam Brownback’s veto of a bill that would raise state income taxes, effectively killing a plan to reduce the budget gap by securitizing tobacco settlement payments.
