FAT Brands Announces Refinancing of Twin Peaks Credit Facility
FAT Brands Inc. (NASDAQ: FAT) announces that Twin Hospitality Group Inc., operating Twin Peaks and Smokey Bones restaurants, has priced new notes totaling $416,711,000 to refinance its whole business securitization credit facility. The notes, issued across four tranches with a 9.5% weighted average interest rate, represent a key milestone before Twin Hospitality Group's planned public listing. Twin Peaks, FAT Brands' fastest-growing concept, has opened nine new locations this year, reaching 115 total locations across the United States and Mexico.
FAT Brands Inc. (NASDAQ: FAT) annuncia che Twin Hospitality Group Inc., operante nei ristoranti Twin Peaks e Smokey Bones, ha fissato un prezzo per nuovi titoli per un totale di $416,711,000 per rifinanziare la propria linea di credito di cartolarizzazione aziendale. I titoli, emessi in quattro tranche con un tasso d'interesse medio ponderato del 9,5%, rappresentano un traguardo fondamentale prima dell'inizio dell'iter per la quotazione pubblica della Twin Hospitality Group. Twin Peaks, il concetto in più rapida crescita di FAT Brands, ha aperto nove nuove sedi quest'anno, raggiungendo 115 sedi totali tra Stati Uniti e Messico.
FAT Brands Inc. (NASDAQ: FAT) anuncia que Twin Hospitality Group Inc., que opera los restaurantes Twin Peaks y Smokey Bones, ha fijado un precio para nuevos bonos por un total de $416,711,000 para refinanciar su línea de crédito de titulización empresarial. Los bonos, emitidos en cuatro tramos con una tasa de interés promedio ponderada del 9,5%, representan un hito clave antes de la próxima salida a bolsa de Twin Hospitality Group. Twin Peaks, el concepto de más rápido crecimiento de FAT Brands, ha abierto nueve nuevas ubicaciones este año, alcanzando un total de 115 ubicaciones en los Estados Unidos y México.
FAT Brands Inc. (NASDAQ: FAT)는 Twin Hospitality Group Inc.가 Twin Peaks 및 Smokey Bones 레스토랑을 운영하며 $416,711,000의 새로운 채권을 가격 책정하여 전체 사업 유동화 신용 시설을 재융자할 것이라고 발표했습니다. 9.5%의 가중 평균 이자율로 네 개의 트랜치로 발행된 이 채권은 Twin Hospitality Group의 계획된 상장 이전의 중요한 이정표를 나타냅니다. FAT Brands의 가장 빠르게 성장하는 개념인 Twin Peaks는 올해에만 아홉 개의 새로운 매장을 열어 미국과 멕시코 전역에 총 115개의 매장에 이르게 되었습니다.
FAT Brands Inc. (NASDAQ : FAT) annonce que Twin Hospitality Group Inc., opérant les restaurants Twin Peaks et Smokey Bones, a fixé le prix de nouveaux titres d'un total de $416,711,000 pour refinancer sa facilité de crédit de titrisation d'entreprise. Les titres, émis en quatre tranches avec un taux d'intérêt moyen pondéré de 9,5%, représentent une étape clé avant l'introduction en bourse prévue de Twin Hospitality Group. Twin Peaks, le concept à la croissance la plus rapide de FAT Brands, a ouvert neuf nouveaux emplacements cette année, atteignant un total de 115 emplacements à travers les États-Unis et le Mexique.
FAT Brands Inc. (NASDAQ: FAT) gibt bekannt, dass die Twin Hospitality Group Inc., die die Restaurants Twin Peaks und Smokey Bones betreibt, neue Anleihen im Gesamtwert von $416,711,000 bepreist hat, um ihre gesamte Unternehmensverbriefungs-Kreditfazilität umzuschulden. Die Anleihen, die in vier Tranchen mit einem gewichteten Durchschnittszins von 9,5% ausgegeben werden, stellen einen wichtigen Meilenstein vor der geplanten Börsennotierung der Twin Hospitality Group dar. Twin Peaks, das am schnellsten wachsende Konzept von FAT Brands, hat in diesem Jahr neun neue Standorte eröffnet und erreicht insgesamt 115 Standorte in den USA und Mexiko.
- Twin Peaks expansion with 9 new locations opened year-to-date
- Successful refinancing of $416.7M credit facility
- Preparation for potential value creation through planned public listing of Twin Hospitality Group
- High weighted average interest rate of 9.5% on new notes
- Substantial debt load with $416.7M in new notes
Insights
The
Twin Peaks' expansion metrics are compelling, with 9 new locations opened year-to-date, bringing the total to 115 units. This
The planned separation of Twin Peaks through a public listing represents a strategic pivot that could unlock significant shareholder value. The brand's positioning in the "sports lodge" segment shows strong differentiation in the casual dining space. With 115 locations across the US and Mexico, there's substantial runway for expansion given the fragmented nature of the casual dining market.
The refinancing signals confidence in Twin Peaks' business model and growth trajectory. The brand's focus on made-from-scratch food and sports-centric atmosphere has proven resilient, as evidenced by continued expansion during challenging market conditions. This transaction positions Twin Hospitality Group for independent growth while potentially allowing FAT Brands to monetize its investment.
Major Milestone Before Planned Public Listing of Twin Hospitality Group
LOS ANGELES, Nov. 18, 2024 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc., (NASDAQ: FAT), a leading global franchising company and parent company of 18 iconic brands, is pleased to announce that Twin Hospitality Group Inc., the operating unit for its Twin Peaks and Smokey Bones restaurant brands, has priced the issuance of new notes to refinance its whole business securitization credit facility originated in October 2021. The aggregate principal balance of the new Series 2024-1 fixed rate notes (the “Notes”) is
| Closing Date | Class | Seniority | Principal Balance | Coupon | Anticipated Repayment Date | Final Legal Maturity Date | ||
| 11/21/2024 | A-2-I | Super Senior | $ | 12,124,000 | 9.00 | % | 10/25/2027 | 10/26/2054 |
| 11/21/2024 | A-2-II | Senior | $ | 269,257,000 | 9.00 | % | 10/25/2027 | 10/26/2054 |
| 11/21/2024 | B-2 | Senior Subordinated | $ | 57,619,000 | 10.00 | % | 10/25/2027 | 10/26/2054 |
| 11/21/2024 | M-2 | Subordinated | $ | 77,711,000 | 11.00 | % | 10/25/2027 | 10/26/2054 |
The Notes may be exchanged for a proportionate interest in Exchangeable Notes in two tranches, referred to as Class A2IIB2 (up to
Ken Kuick, Co-CEO of FAT Brands, said, “We are pleased to announce the successful pricing of the TWNP Series 2024-1 whole business securitization notes. This financing stabilizes Twin Peaks’ financial structure and represents a key milestone as we work toward the goal of creating a standalone public company.”
Kuick continued, “Additionally, the refinancing allows us to further drive the growth of Twin Peaks, our fastest-growing concept. Twin Peaks’ compelling unit economics continue to fuel strong demand from both existing and potential franchisees seeking new locations. Year to date, we have opened nine new lodges bringing our total to 115 Twin Peaks locations.”
Jefferies LLC acted as sole structuring agent and sole bookrunner for this transaction. Legal advisors were Katten Muchin Rosenman LLP for FAT Brands Inc., and King & Spalding LLP for Jefferies LLC.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security. The Notes have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Twin Peaks
Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks franchises and owns 115 restaurants in the United States and Mexico. Twin Peaks is the ultimate sports lodge featuring made-from-scratch food and the coldest beer in the business, surrounded by scenic views and wall-to-wall TVs. For more information, visit twinpeaksrestaurant.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results, including consummation and benefits of the potential transaction discussed in this press release, to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the Form 10 Registration Statement filed by Twin Hospitality Group Inc., and the documents filed by FAT Brands Inc. from time to time with the SEC, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these risks, uncertainties and contingencies. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Investor Relations:
ICR
Michelle Michalski
IR-FATBrands@icrinc.com
646-277-1224
Media Relations:
FAT Brands Inc.
Erin Mandzik
emandzik@fatbrands.com
860-212-6509
###
FAQ
What is the total value of FAT Brands' Twin Peaks refinancing in 2024?
How many Twin Peaks locations does FAT Brands operate as of November 2024?
What is the weighted average interest rate for FAT Brands' Twin Peaks 2024 notes?
When is the anticipated repayment date for FAT Brands' Twin Peaks 2024 notes?
