Morgan Stanley

International locations account for 13.3% of restaurants in the whole business securitization, a slight increase from 11.4%.

This is the first RTL transaction for Roc360 Real Estate Income Trust, the deal's sponsor, in three years. Also, it is Roc360's first rated RTL transaction.

Incremental to a $1.8 billion global revolving credit facility completed in May, it could boost the company's lender-driven debt capital capacity to $9.7 billion in total.

KBRA says there is notable borrower equity in the properties collateralizing the mortgages, which is reflected in the weighted average original loan-to-value ratio of 71.7%.

The bond offering is already more than two times oversubscribed, according to people familiar. Demand for available bonds that were not already committed is around four times or more.

Fitch gave the resort a B+ property quality grade, and it increased its loan-to-value hurdles by 8.75% to reflect the collateral quality.

The size of the debut deal, led by structuring advisors Morgan Stanley and Barclays Plc, hasn't been determined.

Subway has asked Morgan Stanley and Barclays Plc to put together the debt package in the form of a whole business securitization, arranging in-person events in Boston, New York and Los Angeles starting May 8.

Aside from the cash flow stabilization, another credit positive to the deal, TAH Operations is property manager to the portfolio, and has strong processes and controls.

A financial services veteran, Peter Akwaboah joins the government-sponsored enterprise after serving as a managing director for Morgan Stanley, where he led technology and innovation strategy.