EWCZ - European Wax Center prices $400M Securitized Financing Facility
European Wax Center (NASDAQ:EWCZ) has priced $400M of Series 2022-1 Class A-2 fixed rate senior secured notes with an anticipated repayment term of five years, an aggregate principal amount of $400M and a fixed interest rate of 5.50% per annum, payable quarterly. The Class A-2 Notes are expected to be issued by EWC Master Issuer LLC, a newly-formed, limited-purpose, bankruptcy remote indirect subsidiary of European Wax Center in a privately placed securitization transaction. In addition to the Class A-2 Notes, the refinancing transaction is also expected to include a $40M variable funding note facility. Net proceeds of the Class A-2 Notes will be ~$374M and will be used to repay all of the existing indebtedness under the existing senior secured credit facilities and to fund a one-time special dividend to stockholders. The company expects the Class A-2 Notes and the Variable Funding Notes transactions to close in April 2022. The company plans to update its
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European Wax Center prices $400M Securitized Financing Facility