Fried Chicken Chain Church’s Begins Bond Sale to Refinance Debt

American fried chicken chain Church’s is tapping the U.S. securitization market to raise about $250 million to refinance debt. Cajun Global LLC, a master trust associated with the fast food chain, is in the early stages of marketing a whole business securitization. The notes will be backed by cash generated from franchise agreements, royalties and intellectual property, according to Kroll Bond Rating Agency. The deal’s largest class is a $250 million BBB rated offering with a weighted average life of about five years. Proceeds raised will be used to repay an existing credit facility and for transaction fees and expenses.

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