Hooters of America will refinance $345 million of bonds backed by all existing and future franchise agreements, company-operated restaurants and related intellectual property, according to Kroll Bond Ratings.

HOA Funding 2015-1 will refinance $25 million class A1 notes, rated ‘BBB’ and $275 million class A2 notes’, rated ‘BBB’, which were issued last July; as well as issue an additional $25 million of ‘BBB’ rated, class A2 notes and $20 million of ‘BB’ rated, class B subordinate notes. The notes are structured with an anticipated repayment date of 2021 and a final maturity date of August 2044.

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