backKing & Spalding’s structured finance team closed a number of esoteric securitization transactions in the first half of 2022. Continuing to show sector leadership during dynamic market conditions, King & Spalding has worked on a range of digital infrastructure and specialty financial services transactions and whole business securitizations in the restaurant, early education and care, and property restoration and home services industries.
Digital Infrastructure Securitization
In a deal that closed on April 21, 2022, King & Spalding represented a major data center issuer in the sale of $171 million in notes backed by a portfolio of data centers. The Notes are the fourth series of securitization notes issued by the issuer, who has issued over $1.2 billion in notes since 2020.
Multiple Franchised Restaurant Brand Transactions
In a deal that closed on March 9, 2022, King & Spalding represented the sole structuring advisor and sole book-running manager in the sale of $450 million in notes backed by the whole-business securitization of the franchise assets and related intellectual property of the Wingstop brand.
In a deal that closed on March 16, 2022, King & Spalding represented the sole structuring advisor and joint book-running manager in the sale of $775 million in notes backed by the whole-business securitization of the franchise assets and related intellectual property of the Jimmy John’s brand.
In a deal that closed on April 1, 2022, King & Spalding represented the sole structuring advisor and joint book-runner in the sale of $500 million in notes backed by the whole-business securitization of the franchise assets and related intellectual property of the Wendy’s brand. This transaction is the sixth series issued by the issuer.
In a deal that closed on April 21, 2022, King & Spalding represented Five Guys Enterprises LLC in the sale of $200 million in notes backed by the whole-business securitization of the franchise assets and related intellectual property of the Five Guys brand. The Series 2022-1 Notes are the third series of notes issued by the issuer.
In a deal that closed on July 1, 2022, King & Spalding represented the sole structuring advisor and joint book-running manager in the sale of $555 million in notes backed by the whole-business securitization of the franchise assets and related intellectual property of the Jamba Juice, Auntie Anne’s, Carvel, Cinnabon, McAlister’s, Moe’s and Schlotzsky’s brands.
Home Services Platform Securitizations
In a deal that closed on January 19, 2022, King & Spalding represented the sole structuring advisor and joint book-running manager in the sale of $414 million in notes backed by the whole-business securitization of the franchise assets and related intellectual property of the Neighborly brand.
In a deal that closed on January 27, 2022, King & Spalding represented the sole structuring advisor and joint book-running manager in the sale of $260 million in notes backed by the whole-business securitization of the franchise assets and related intellectual property of the Servpro brand. The Series 2022-1 Notes are the third series of notes issued by Servpro Master Issuer, LLC.
Early Education and Care Platform Securitization
In a deal that closed on June 2, 2022, King & Spalding represented the sole structuring advisor and sole book-runner in the sale of $145 million in notes backed by a whole-business securitization of the franchise assets of Primrose brand.
Specialty Financial Services Platform Securitization
In a deal that closed on February 15, 2022, King & Spalding represented the structuring advisor and joint active bookrunner manager in the sale of $415.15 million in notes backed by a pool of senior secured loans made to healthcare services and life sciences companies.
These transactions follow King & Spalding's representation of several major investment banks and issuers in other recent, headline, esoteric securitizations. The King & Spalding finance team for the transactions was compromised of partners Michael Urschel, Ryan McNaughton, David Ridenour, Matthew Sandiford, Jeff Misher, Kevin Manz, Martin Eid, Katie Weiss, Ron Lovelace and Benoit Lavigne, counsel Mendel Yudin, senior associates Katy Berger, Osahon Omoregie and Sean Kelly, associates Charlene Yin, Sherm Hussein, Amber Dong, Thomas Prommer, Kathryn Wilson, Jeff Zhou, Valeriya Tatisheva, Tino Illiparambil, Samantha Moench, Cameron Storah, John Morris, Shuang Wu, Thomas Palisi and Zach Strother, with specialist assistance from partners Sarah Borders (bankruptcy), Tim Hoffmann (bankruptcy), John Taylor (tax), Daniel Friel (tax), John Sweet (tax), Robert Dedman (regulatory), Sam Choy (ERISA), Norm Armstrong (antitrust), Russell Sacks (regulatory), Kim Cagle (real estate), counsel George Williams (regulatory), Steven Blau (regulatory), project attorney Elizabeth Fox (intellectual property), and associates Britney Baker (bankruptcy), Philip Rizk, Allison Dunsford, Rebecca Miller, Alison Pearman, Roland Macher and Garrett Johnson (on diligence and real estate matters).