DALLAS, Nov. 13,
2024 /PRNewswire/ -- Wingstop Inc. ("Wingstop" or the
"Company") (NASDAQ: WING), today announced its intention to
complete a securitized financing transaction, which will include a
new series of securitized debt. The Company also expects to upsize
the capacity of its variable funding note facility.
The Company intends to issue $500
million of new securitized notes (the "Notes"), in addition
to its existing Series 2022-1 and Series 2020-1 Fixed Rate Senior
Notes. The Company intends to use the net proceeds from the
issuance to pay transaction fees, strengthen the Company's
liquidity position, and for general corporate purposes, which may
include the repurchase of shares of the Company's common stock. The
Company also expects to upsize the capacity of its current variable
funding note facility of $200 million
to $300 million. Borrowing capacity
under the variable funding note facility will become available as
the Company satisfies certain borrowing conditions, up to a maximum
capacity of $300 million. As of
November 13, 2024, there were no
outstanding borrowings under the existing variable note funding
facility.
The transaction is subject to market and other conditions and is
anticipated to close in the fourth quarter of 2024. There can be no
assurance regarding the timing of the transaction or that the
transaction will be completed.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes or any other security.
The Notes are expected to be offered pursuant to an exemption from
the registration requirements of the Securities Act of 1933 (the
"Securities Act") and applicable state securities laws and
accordingly have not been, and will not be, registered under the
Securities Act, or any state securities laws, and may not be
offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the Securities Act and applicable
state securities laws. This press release is being issued pursuant
to and in accordance with Rule 135c under the Securities Act.
About Wingstop
Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING)
operates and franchises more than 2,450 locations worldwide. The
Wing Experts are dedicated to Serving the World Flavor through an
unparalleled guest experience and a best-in-class technology
platform, all while offering classic and boneless wings, tenders,
and chicken sandwiches, cooked to order and hand sauced-and-tossed
in fans' choice of 12 bold, distinctive flavors. Wingstop's menu
also features signature sides including fresh-cut, seasoned fries
and freshly-made ranch and bleu cheese dips.
In fiscal year 2023, Wingstop's system-wide sales increased
27.1% to approximately $3.5 billion,
marking the 20th consecutive year of same store sales growth. With
a vision of becoming a Top 10 Global Restaurant Brand, Wingstop's
system is comprised of corporate-owned restaurants and independent
franchisees, or brand partners, who account for approximately 98%
of Wingstop's total restaurant count of 2,458 as of September 28, 2024.
A key to this business success and consumer fandom stems from
The Wingstop Way, which includes a core value system of being
Authentic, Entrepreneurial, Service-minded, and Fun. The Wingstop
Way extends to the brand's environmental, social and governance
platform as Wingstop seeks to provide value to all guests.
In 2023, Wingstop earned its "Best Places to Work"
certification. The Company landed on Entrepreneur Magazine's
"Fastest-Growing Franchises" list and ranked #16 on "Franchise
500." Wingstop was listed on Technomic's "Top 500 Chain Restaurant
Report," QSR Magazine's "2023 QSR 50" and Franchise Time's "40
Smartest-Growing Franchises."
For more information, visit www.wingstop.com or
www.wingstop.com/own-a-wingstop and follow @Wingstop on X,
Instagram, Facebook, and TikTok. Learn more about Wingstop's
involvement in its local communities at www.wingstopcharities.org.
Unless specifically noted otherwise, references to the Company's
website addresses, the website addresses of third parties or other
references to online content in this press release do not
constitute incorporation by reference of the information contained
on such website and should not be considered part of this
release.
Forward-looking Statements
This news release includes statements of the Company's
expectations, intentions, plans and beliefs that constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and are intended to
come within the safe harbor protection provided by those sections.
These statements, which involve risks and uncertainties, relate to
the discussion of the Company's business strategies and the
Company's expectations concerning future operations, margins,
profitability, trends, liquidity and capital resources and to
analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable. These
forward-looking statements can generally be identified by the use
of forward-looking terminology, including the terms "anticipates,"
"believes," "thinks," "continues," "estimates," "expects,"
"predicts," "goal," "objectives," "intends," "may,"
"opportunity," "plans," "potential," "near-term," "long-term,"
"projections," "assumptions," "projects," "guidance," "forecasts,"
"outlook," "target," "trends," "should," "could," "would," "will"
or, in each case, their negative or other variations or comparable
terminology, although not all forward-looking statements are
accompanied by such terms. These forward-looking statements are
made based on expectations and beliefs concerning future events
affecting the Company and are subject to uncertainties, risks, and
factors relating to the Company's operations and business
environments, all of which are difficult to predict and many of
which are beyond the Company's control, that could cause the
Company's actual results to differ materially from those matters
expressed or implied by these forward-looking statements. Please
refer to the risk factors discussed in the Company's Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q, which can be found
at the SEC's website www.sec.gov. The discussion of these risks is
specifically incorporated by reference into this news release.
When considering forward-looking statements in this news release
or that the Company makes in other reports or statements, you
should keep in mind the cautionary statements in this news release
and future reports the Company files with the SEC. New risks and
uncertainties arise from time to time, and the Company cannot
predict when they may arise or how they may affect the Company's
business. Any forward-looking statement in this news release speaks
only as of the date on which it was made. Except as required by
law, the Company assumes no obligation to update or revise any
forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in
any forward-looking statements, even if new information becomes
available in the future.
Media Contact
Maddie
Lupori
Media@wingstop.com
Investor Contact
Kristen
Thomas
IR@wingstop.com
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SOURCE Wingstop Restaurants Inc.