Driven Brands closes $ 450 million securitization issue

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CHARLOTTE, North Carolina, September 29, 2021 (GLOBE NEWSWIRE) – Driven Brands Holdings Inc. (“Driven Brands” or the “Company”) (NASDAQ: DRVN) announced today that it has closed an offering by certain its subsidiaries for $ 450,000,000 Senior Fixed Rate Secured Notes Series 2021-1, Class A-2 (the “Offered Notes”).

This transaction was structured as a whole corporate securitization by Driven Brands Funding, LLC (the “Issuer”) and Driven Brands Canada Funding Corporation (the “Canadian Co-Issuer”) and represents the ninth corporate securitization issue. entire Driven Brands. The Notes offered were valued at a coupon of 2.791% and have a term of seven years. With this offer, the weighted average fixed coupon of Driven Brands’ outstanding asset-backed notes improved to 3.71%.

The proceeds of the issuance will be used to pay transaction costs and expenses and for general corporate purposes, including the repayment of revolving credit facilities or future acquisitions.

The offered notes have been rated BBB by the Kroll Bond rating agency and BBB- by S&P Global Ratings, in accordance with the Senior Fixed Rate Guaranteed Ratings Series 2020-2, Category A-2, which have been closed in December 2020.

The Notes offered are not registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities law, and may not be offered or sold in the United States in the absence of an applicable registration or exemption or transaction. not subject to the registration requirements of applicable state securities law and securities laws. The Offered Notes have been offered only to institutional buyers qualified under Rule 144A and to persons outside the United States under Regulation S under the Securities Act. This press release is not an offer to sell, nor a solicitation of an offer to buy any securities, and there will be no sale of such securities in any state or jurisdiction in which the offer, solicitation or the sale would be illegal before registration. or qualification under the securities laws of that state or jurisdiction.

About dynamic brands
Driven Brands ™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs including paint, collision, glass, vehicle repair, oil change, car maintenance and washing. Driven Brands is the parent company of some of North America’s leading automotive service companies, including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A / C® and CARSTAR®. Driven Brands has more than 4,300 locations in 15 countries and serves more than 50 million vehicles per year. Driven Brands’ network generates more than $ 1 billion in revenue from more than $ 3 billion in system-wide sales. For more information on the power of Driven Brands, visit www.drivenbrands.com.

Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the words “anticipate”, “believe,” continue “,” Could “,” estimate “,” expect “,” intention “,” probable “,” may “,”. should ”,“ target ”,“ will ”,“ would ”and, in each case, their negative or other terminology, different or comparable. All statements other than statements of historical fact contained in this press release, including statements regarding our strategy, future operations, future financial condition, future revenues, projected costs, prospects, plans, objectives management and expected market growth are forward-looking statements. Forward-looking statements are not based on historical facts, but rather represent our current expectations and assumptions about our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other important factors. that may cause our actual results, performance, or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements. In view of these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward-looking information, except to the extent required by applicable securities laws. For more information on factors that could cause actual results to differ materially from expectations, see the “Forward-Looking Statements” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 26, 2020, as completed by the Company’s most recent quarterly report on Form 10-Q for the quarter ended June 26, 2021.

Media or analyst / investor inquiries:
Rachel webb
[email protected]


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