NEW YORK, April 26, 2021 /PRNewswire/ -- Percent, the
leading private investing platform, is pleased to announce the
closing of a $144 million whole
business securitization for FAT Brands Inc. (NASDAQ: FAT), in which
Percent, through its institutional arm Cadence Securities, LLC,
acted as joint bookrunner.
This offering, the third of its kind between FAT Brands and
Percent in thirteen months, follows FAT's $40 million whole business securitization in
March of 2020, as well as a second $40
million transaction in September of the same year. Percent
served as the sole structuring agent for these previous
transactions and worked closely with Jefferies LLC on the
platform's largest transaction to date.
"It was a pleasure working on this financing milestone for FAT
Brands as they continue to scale and are poised to thrive in a
post-pandemic environment," says Prath Reddy, Percent's President.
"We look forward to following a similar playbook with other
first-time issuers seeking to dramatically reduce their cost of
capital from the institutional structured credit markets."
The closure of this third note refinances two FAT Brands
securitization transactions from 2020, ultimately lowering the
company's marginal cost of capital to 5.92%. After acquiring Johnny
Rockets between their first two whole business securitizations, FAT
aims to use proceeds of the transaction to bolster FAT's
acquisition growth strategy. This note also further validates
Percent's ability to bring first-time issuers to the institutional
markets and support their growth with investors who understand and
value the benefits of becoming capital partners to high growth
companies.
"We've been impressed with the Percent team since engaging them
on our inaugural whole business securitization early last year,"
says Andy Wiederhorn, President and
CEO of FAT Brands. "Establishing access to the institutional ABS
market has been a key strategic focus of ours and we can now
confidently continue executing on our acquisition growth
strategy."
Founded in 2018 as Cadence, the premier private credit
investment platform, Percent brought a unique fixed income
investment product to individual and institutional investors.
Today, Percent has over $550 million
in investments structured and issued across its investor platforms,
with more than 200 deals closed and over $11
million in interest disbursed to investors.
About Percent
Percent (formerly Cadence) is a leading technology platform
enabling investors, issuers and underwriters unparalleled access to
once opaque asset classes in private capital markets. Founded in
2018, Percent is creating the first ever efficient market for
private credit, facilitating a higher velocity of transactions at a
fraction of the cost. Their platform has been used to analyze
billions in assets and issue over $550
million of private credit transactions across both unrated
and rated offerings. The company is headquartered in New York with a presence in Boston and Austin, and is backed by White Star Capital, B
Capital, Revel Partners, Morgan
Creek, Nimble Ventures, and Tuesday Capital.
Press Kit:
https://www.dropbox.com/sh/05kawnimz7qdih8/AABKuQZv5WCOATlqe713HRcha?dl=0
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SOURCE Percent