KBRA Assigned Preliminary Rating to Jersey Mike’s Funding, LLC, Series 2019-1

NEW YORK--()--Kroll Bond Rating Agency (KBRA) announces the preliminary rating to one note class of Jersey Mike’s Funding, LLC, a whole business securitization.

This transaction represents the first whole business securitization (“WBS”) issued by Jersey Mike’s Funding, LLC (the “Master Issuer”). The proceeds from the offered notes will be used to repay in full all outstanding indebtedness and financing arrangements of the non-securitization entities, fund a system enhancement account, pay certain transaction-related expenses and for general corporate purposes, which may include a return of capital to the Company’s equity holders. In connection with this transaction, Jersey Mike’s Franchise Systems, Inc. (“Jersey Mike’s”, or the “Company”) will contribute substantially all of its franchise-related revenue-generating assets to the Securitization Entities as collateral for the offered notes. The collateral includes existing and future franchise and license agreements, existing and future company-operated restaurant royalties, certain technology and franchise-related fees, vendor program payments and intellectual property. The Company is the current franchisor and certain subsidiaries of the company are the current operators of restaurants under the Jersey Mike’s brand.

The Company is best known for providing submarine sandwiches that are made with quality, freshly sliced meats and cheeses, oil, red wine vinegar and spices. The variety of offerings includes hot and cold submarine sandwiches, with cold submarine sandwiches sliced fresh to order and cheesesteaks prepared fresh on the grill with roast beef that is cooked in-store.

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Related Publications: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical:
Xilun Chen, Senior Director
(646) 731-2431
xchen@kbra.com

Zara Shirazi, Director
(646) 731-3326
zshirazi@kbra.com

Shane Olaleye, Associate Director
(646) 731-2432
solaleye@kbra.com

Michael Lepri, Associate Director
(646) 731-2432
mlepri@kbra.com

Business Development:
Ted Burbage, Managing Director
(646) 731-3325
tburbage@kbra.com

Contacts

Analytical:
Xilun Chen, Senior Director
(646) 731-2431
xchen@kbra.com

Zara Shirazi, Director
(646) 731-3326
zshirazi@kbra.com

Shane Olaleye, Associate Director
(646) 731-2432
solaleye@kbra.com

Michael Lepri, Associate Director
(646) 731-2432
mlepri@kbra.com

Business Development:
Ted Burbage, Managing Director
(646) 731-3325
tburbage@kbra.com