KBRA Assigns Preliminary Ratings to Hardee's Funding LLC, Carl's Jr. Funding LLC
4 Mar 2024 | New York
KBRA assigns preliminary ratings to one class of notes from Hardee's Funding LLC, Carl's Jr. Funding LLC, Series 2024-1 (CKE 2024-1, or Series 2024-1 Notes) a whole business securitization (WBS). In conjunction with the issuance of Series 2024-1, KBRA expects to affirm the ratings on the Co-Issuers’ outstanding Series 2018-1 Class A-1 and A-2-III Notes, Series 2020-1 Class A-2 Notes and Series 2021-1 Class A-2 Notes (the Existing Notes and, together with the Series 2024-1 Notes, the Notes) and withdraw the ratings on the Co-Issuers’ Series 2018-1 Class A-2-II Notes which are being redeemed in full primarily through proceeds generated from issuing the Series 2024-1 Class A-2 Notes. The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2024-1 Notes. KBRA has considered the contemplated Series 2018-1 VFN upsize in the rating of Series 2024-1 and the anticipated rating actions on the outstanding classes of notes. Transaction collateral includes existing and future domestic and international franchise agreements, existing and future domestic company-operated restaurant royalties, existing and future profits from domestic company-operated restaurants, certain owned real estate, franchisee leases and intellectual property.
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