FAT Brands Announces Amendments to Fazoli's Securitization

Core Viewpoint - FAT Brands has successfully amended its whole business securitization credit facility for its Fazoli's and Native Grill & Wings brands, enhancing financial flexibility and operational capabilities [2][5]. Group 1: Amendments to the Securitization - The amendments include an extension of the Anticipated Repayment Date of the Class A-2 Notes from January 2025 to July 2026 [5]. - The Anticipated Call Date for all tranches of Notes has been extended from July 2023 to October 2025 [5]. - Certain financial covenants related to debt service coverage ratios and leverage ratios have been relaxed or deferred to 2026 [5]. Group 2: Operational Flexibility - The new agreement allows for the disposition of corporate stores to franchisees, enabling the refranchising of the 57 corporate-owned Fazoli's restaurants [2][5]. - The amendments reflect a strong partnership with lenders and their confidence in FAT Brands' business model [2]. Group 3: Company Overview - FAT Brands is a leading global franchising company that owns 18 restaurant brands and operates over 2,300 units worldwide [3].