FATBP - I'm Getting FAT!

• FAT Brands is a franchisor set up for explosive growth once COVID is over.
• Their purchase of Johnny Rockets should be transformative, increasing EBITDA by over 50%.
• Their merger with their Fog Cutter parent significantly improves management alignment and the firm's access to capital.
• Their re-securitization of debt saves 280 basis points worth of interest expense, while also providing $55 million in additional capital for growth.
• The common will be attractive for some, but we still like the 9.6% yielding preferred better.

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