Jersey Mike’s Completes $850 Million ABS Sale (Correct)

An $850 million securitized-debt offering to help fund the buyout of sandwich chain Jersey Mike’s has priced, the latest so-called whole business securitization in the US this year.

Securities were sold in two tranches Wednesday, according to a person familiar with the matter who asked not to be identified as they’re not authorized to speak publicly. The collateral is nearly all of Jersey Mike’s franchise-related revenue generating assets.

Blackstone Inc. agreed last month to buy a majority stake in Jersey Mike’s, potentially valuing the firm at about $8 billion.

The whole-business securitization, a popular source of funds for businesses with ...