Esoteric

The transaction structure includes an interest reserve account on the senior notes, tranche 2026-A1 VFN.

There is an optional redemption feature, which allows certificate holders to redeem the notes on any day on or after the fifth business day before the monthly payment date in July 2028.

The notes are expandable, allowing the issuer might increase the size of the current notes, up to a maximum of $500 million, if the new debt meets certain conditions.

Scooter's Coffee brand sells beverages through a network of 910 locations across 32 states, virtually all of which are franchises (98%), and sells coffee through various formats, including coffeehouses or endcaps with drive-thrus and kiosks.

The deal has a two-year revolving period, scheduled to end in June 2028, when collections from the asset pool can be used to purchase new economic participations.

Three tranches of notes will be issued to investors, and the A2 tranche will issue the bulk of the debt, $613.7 million. Also, the notes have an anticipated repayment date of June 2031.

The cumulative advance rate on the notes include range from 68.5% and 87.7% on the A1 notes and A2 and A notes, respectively.

Notes will amortize sequentially to allow cash to be released to the issuing entity on a limited basis if it maintains the overcollateralization target.

The International Finance Corporation, has agreed to insure the credit risk on a $500 million portfolio of trade finance tied predominantly to low-income and conflict-affected countries.