Quiznos, the Denver-based sandwich chain, is serving the ABS market a $250 million securitization backed by franchise fee revenues, sources said. Lehman Brothers is leading the transaction.

The offering, with a 3.88-year average life, is currently being shown to investors in the private market with a Baa3' rating from Moody's Investors Service. Bankers at Lehman began putting feelers out last year, and had been speaking to the monolines about securing a wrap over the summer, sources said. Evidently, the bankers were confident of being able to find takers for a triple-B rated class.

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