Manatt Quarterbacks $40M Whole Business Securitization of FAT Brands, Inc.

Manatt represented Cadence Group, Inc. in structuring and executing a $40 million whole business securitization of FAT Brands, Inc., the NASDAQ-listed global franchising company. FAT Brands is a leader in the casual dining industry through its strategic acquisition, marketing and development of casual/fast casual restaurant concepts in the U.S. and abroad. It owns the franchise for Fatburger, Bonanza Steakhouse, Ponderosa Steakhouse, Elevation Burger, Yalla Mediterranean and Hurricane Grill & Wings. This transaction refinances existing debt and provides acquisition capital for future transactions.

The securitization was executed in two tranches of secured notes, both rated by DBRS Morningstar. Royalty cash flow will pay principal and interest on the notes at a senior priority to payments to the company. More information on the transaction and ratings can be found here.

Cadence Group, Inc. is a New York City-headquartered alternative investment platform that provides high yield investment opportunities to accredited investors by working with originator partners having short-term, forecastable cash-generating assets such as factored invoices and merchant term loans.

Manatt Financial Services partners Brian Korn and Neil Faden led the Manatt team, which included associates Benjamin Brickner, June Kim, Michal Shany, Tiana Walden and Stephen Winick. The deal team also included partners Robert Duran, Carl Grumer, Ivan Kallick, Jonathan Lemberg and Jeffrey Mannisto.

manatt-black

ATTORNEY ADVERTISING

pursuant to New York DR 2-101(f)

© 2020 Manatt, Phelps & Phillips, LLP.

All rights reserved