First came property-backed bond and loan financings for the new mega US leveraged buyouts, then the securitization of Hertz’s vehicle fleet. Now bankers are working on a securitization of franchise royalties to refinance the loan financing supporting the $2.43 billion buyout of Dunkin’ Brands by Bain Capital Partners, the Carlyle Group and Thomas H Lee partners announced at the end of last year.
JPMorgan and Lehman Brothers want to sell $1.5 billion of notes secured by franchise royalty receivables from Dunkin’ Brands franchised outlets, to repay the interim loan financing.
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