KBRA Assigns Preliminary Ratings to Jersey Mike's Funding, LLC, Series 2025-1 Senior Secured Notes
14 Jul 2025 | New York
KBRA assigns preliminary ratings to Jersey Mike's Funding, LLC, Series 2025-1 Class A-2 Notes, a whole business securitization (WBS). Jersey Mike's 2025-1 represents Jersey Mike’s Franchise Systems, LLC’s (Jersey Mike’s or the Company’s) fourth securitization following the establishment of the master trust in December 2019. In conjunction with the issuance of the Series 2025-1 Notes, KBRA anticipates affirming the ratings on the Issuer’s outstanding notes (the Existing Notes and, together with the Series 2025-1 Notes, the Notes). The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2025-1 Notes.
Jersey Mike’s is a US-based national sandwich brand spread across 3,054 restaurants (including non-securitized assets) among 50 US states, Washington DC, and Canada as of March 30, 2025, of which 3,045 are included as collateral for the transaction. There are 9 locations in Canada not included in the securitization. The brand was established in 1956, and it serves hot and cold submarine sandwiches. The brand positions itself within the competitive space as offering high quality, freshly sliced meats, cheese, and produce through its “A Sub Above” branding. As of the last twelve-month period ended March 31, 2025, the system generated approximately $3.9 billion in systemwide sales (SWS).
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