Subway, the restaurant chain with the most locations in the US, has sold $3.35 billion of asset-backed bonds to help fund its buyout by Roark Capital Group, in what is the largest securitization of its kind on record.
The sandwich maker priced the largest portion of its whole business securitization — where a company pledges most of its assets as collateral, including franchise fees — at spreads of 150 basis points above the benchmark, according to people with knowledge of the deal. The jumbo transaction is the largest among other multi-billion dollar franchise-backed deals from well-known chains like ...
