KBRA Assigns Ratings to Jersey Mike's Funding, LLC, Series 2024-1 and Takes Other Rating Actions
18 Dec 2024 | New York
KBRA assigns ratings to Jersey Mike’s Funding, LLC (the Issuer), Series 2024-1 (Jersey Mike's 2024-1). Jersey Mike's 2024-1 represents the Issuer's third securitization following the establishment of the master trust in December 2019. In conjunction with the issuance of the Series 2024-1 Notes, KBRA affirms the ratings on the Issuer’s outstanding notes.
Jersey Mike’s is a U.S.-based national sandwich brand spread across 2,919 restaurants among 50 U.S. states, Washington D.C., and Canada as of September 29, 2024. 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 September 29, 2024, the system generated approximately $3.7 billion in systemwide sales (SWS).
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