Cajun Global LLC, which owns Church's Chicken and Texas Chicken, is planning to issue the first whole business securitization of the year, according to Moody's Investors Service.
The $245 million securitization offers a $25mn class A-1, revolving Notes and $220mn of A2 notes, which are both rated a Moody's 'Baa2 (sf).' According to market reports Barclays Capital is lead underwriter on the deal.
Cajun Global's entire system includes 270 company-owned and operated locations in the U.S. and 1,446 franchised locations of which 980 are domestic and 466 international. The securitization deal is backed by essentially all of the tangible and intangible assets comprising the owned and franchised Church's Chicken and Texas Chicken business, both domestic and international.
Last November Adams Outdoor Advertising completed a $355 million securitization backed by income earned from billboards and other displays. Barclays was the lead underwriter of the transaction.