KBRA Affirms Ratings for Five Guys Funding, LLC
20 Jun 2024 | New York
KBRA affirms its ratings on three class of notes (the Notes or Class A Notes) from Five Guys Funding, LLC, a whole business securitization (WBS). The transaction is collateralized by existing and future domestic franchise agreements, existing and future company-operated restaurant royalties, US and Canadian intellectual property and related license agreements, collections from company-operated restaurants and bakery sales and certain international collections. KBRA’s analysis indicated that cash flows are sufficient to support the ratings following the increased size of the Series 2023-1, Class A 1 Notes from $50 million to $150 million, draws upon which are subject to certain conditions. Since transaction closing, all timely note interest and scheduled principal payments have been paid on the Notes.
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