Cake Company Seeks $240 Million Selling Franchise-Backed Bonds [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Nothing Bundt Cakes, a chain of bakeries known for one type of cake, is marketing a $240 million bond backed by nearly all of its assets, adding to the stream of esoteric offerings in the securitized debt market. The Texas-based cake maker is borrowing in the whole-business asset-backed securities market for the third time after its initial foray in 2021, when it sold $355 million in bonds. This time, proceeds from the bond sale led by Barclays Plc will be used to refinance all of the company's 2023-1 Class A notes and possibly to fund a payout to shareholders, according to a person familiar with the matter. Article content Article content Nothing Bundt Cakes has grown over 50% to 582 total bakeries in the US and Canada since 2021, as of the first quarter this year, according to a report by Kroll Bond Rating Agency, which is rating the new singl
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