KBRA Assigns Preliminary Ratings to Driven Brands Funding LLC, Series 2024-1
24 Jun 2024 | New York
KBRA assigns preliminary ratings to two classes of notes from Driven Brands Funding LLC, Series 2024-1 (Driven 2024-1 or Series 2024-1). In conjunction with the issuance of the Series 2024-1 Notes, the Series 2018-1 Class A-2 Notes and Series 2019-3 Class A-1 Notes are expected to be refinanced at which time KBRA will withdraw the ratings. At that time, KBRA also anticipates affirming the ratings on the Issuer’s outstanding notes (the Existing Notes and, together with the Series 2024-1 Notes, the Notes). The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2024-1 Notes.
The incoming securitized collections are comprised of top-line revenues, which include franchise fees and royalty revenues and product distribution margin, and profits from company stores and other operations.
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