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Wingstop Announces Intent to Refinance its Credit Agreement Through a Securitization

October 26, 2018, 09:00 AM
Filed Under: Food Services
Related: Securitization

Wingstop Inc. announced its intention to refinance its existing senior secured credit facility with a new securitized financing facility, expected to be comprised of approximately $300 million of senior term notes and $25 million of senior variable funding notes.

As of September 29, 2018, the balance of the Company's senior secured credit facility was approximately $215.4 million. The Company intends to use the net proceeds from the sale of the Notes to repay its existing senior secured indebtedness, to pay transaction costs associated with the refinancing, and for general corporate purposes, which may include the return of cash to shareholders.

The refinancing transaction is subject to market and other conditions and is anticipated to close in the fourth quarter of 2018. There can be no assurance regarding the timing of the refinancing transaction, the interest rate at which the Company's existing indebtedness would be refinanced, or that the refinancing transaction will be completed.

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