KBRA Assigns Preliminary Ratings to ME Funding, LLC, Series 2024-1
11 Mar 2024 | New York
KBRA assigns preliminary ratings to three classes of notes from ME Funding, LLC (the Issuer), Series 2024-1 (Massage Envy 2024-1), a whole business securitization (WBS). In conjunction with the anticipated rating assignment, KBRA expects to withdraw the ratings on the Issuer’s Series 2019-1 Class A-1 and Class A-2 Notes following the full repayment of the securities. Proceeds for the former repayment are expected to be sourced through a partial draw of the Series 2024-1 Class A-1-VFN Notes at transaction closing, while funds for the latter are expected to be generated from the Series 2024-1 Class A-2 Note issuance as well as Company funds. The transaction collateral includes existing and future franchise and development agreements, regional development agreements, vendor contracts, related franchisee payments and securitization intellectual property (IP). The proceeds from the offered notes will be used to repay outstanding amounts under the Series 2019-1 Notes in full, pay certain transaction expenses, make deposits into certain transaction accounts and for general corporate purposes.
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