Cake Company Seeks $240 Million Selling Franchise-Backed Bonds [Yahoo! Finance Canada]
Barclays PLC (BCS)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg 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. ADVERTISEMENT 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 single-tranche deal BBB-. The total system is 97% franchised, according to the report. The whole business securitization market is a common pathway to raise capital for restaurants that franchise their stores. In such transactions, restaurants will pledge their franchise royalty streams and other assets as collateral. That structure allows cr
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BCS
Sec Filings
- 5/15/24 - Form 6-K
- 5/15/24 - Form 13F-HR
- 5/10/24 - Form 6-K
- BCS's page on the SEC website