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Investing.com -- Jersey Mike’s plans to sell $400 million of asset-backed securities that could help pay money to Blackstone (NYSE:BX) Inc., the private equity firm that acquired a majority stake in the sandwich chain earlier this year.
The company is offering whole business securitization bonds, which will be backed by Jersey Mike’s assets including franchise fees and US trademarks. The securities are expected to receive BBB ratings from S&P Global Ratings and Kroll Bond Rating Agency, according to Bloomberg, citing a person familiar with the transaction.
This offering follows Jersey Mike’s previous $850 million whole business securitization debt sale in December, which helped fund its buyout. Blackstone agreed in November to purchase a majority stake in the sandwich restaurant chain in a deal that valued Jersey Mike’s at approximately $8 billion. The acquisition was completed in January.
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