After a year on the sidelines, CNL American Properties Fund Inc. recently returned to market with a $242 million issuance of bonds backed by franchise loans. The deal, managed by Prudential Securities, was structured under Rule 144A and separated into five tranches.

"The unique thing about this deal is that the loan pool is backed 100% by restaurants," a source said. "A lot of the pools that are being done today are mixed pools. And investors, when they see all restaurants, they find that extremely attractive. That's a real plus."

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