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Driven Brands Closes $450M Securitization Issuance

With this offering, the weighted-average fixed coupon of Driven Brands’ outstanding asset-backed notes improved to 3.71%.

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Driven Brands Holdings Inc. announced it has closed an offering by certain of its subsidiaries for $450 million Series 2021-1 Fixed Rate Senior Secured Notes, Class A-2.

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This transaction was structured as a whole business securitization through Driven Brands Funding LLC and Driven Brands Canada Funding Corp. and represents Driven Brands’ ninth whole business securitization issuance. The Offered Notes were priced at a coupon of 2.791% and have a seven-year tenor. With this offering, the weighted-average fixed coupon of Driven Brands’ outstanding asset-backed notes improved to 3.71%.

The proceeds from the issuance will be used to pay transaction-related fees and expenses and for general corporate purposes, including the repayment of revolving credit facilities or future acquisitions.

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