Two whole business securitization deals totaling $550 million priced at relatively low spread levels despite the recent widening experienced by other asset classes this week.

The $250 million, 3.4-year class A2 notes issued from Miramax whole business securitization priced at 210 basis points over interpolated swaps, according to a person familiar with the deal. The notes were rated ‘BBB+’/ ‘BBB’ by Standard & Poor’s and DBRS.

The deal was led by Barclays and is backed by Miramax's existing portfolio of film rights, associated distribution contracts and related intellectual property.

Miramax's library consists of approximately 700 films including iconic movies such as “Pulp Fiction”, “Chicago”, “Good Will Hunting”, “The English Patient”, “No Country for Old Men”, “Shakespeare In Love”, and many others.

DineEquity also priced its $1.4 billion franchise securitization of Applebee’s and IHOP restaurants. The 7-year, class A2 notes rated ‘BBB’ by S&P, priced at 215 basis points over interpolated swaps, well within the range the deal was being talk at, according to a person familiar with the deal.  

Guggenheim Securities was lead manager and Credit Suisse acted as co-manager on the deal.

The deal is backed by the security interest in most of the domestic revenue-generating assets of DineEquity, including existing and future domestic franchise, area license and development agreements, company-operated restaurants license fees, product sourcing agreements, equipment leases / franchisee notes, interests in real property, franchisee lease payments and U.S. intellectual property and related license agreements.    

By comparison, Hooter’s priced 7-year, class A, ‘BBB’-rated notes offered from its $300 million whole business deal at 275 basis points on July 22. Guggenheim Securities was also the lead manager on the deal, which was rated by Kroll Bonds Rating Agency.

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