European Wax Center prices $400M 5.50% senior secured notes; sets special dividend

European Wax Center, Inc.

$400M Series 2022-1 Class A-2 Fixed Rate Senior Secured Notes at 5.50%, 5-year term; $40M variable funding facility undrawn.
Net proceeds ~$374M after fees; used to repay $180M term loans and fund a one-time special dividend (amount TBD by board).
Closing expected April 2022; company to update financial outlook upon closing.
Transaction is a privately placed securitization by newly-formed bankruptcy-remote indirect subsidiary.

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