Driven Brands closes $365M securitization issuance; adds $135M variable notes

Driven Brands Holdings Inc.

$365M Class A-2 Senior Secured Notes at 7.4% coupon; offering increased by over 30%.
Added $135M Class A-1 Variable Funding Notes, bringing total capacity to $250M.
Proceeds used for general corporate purposes and repayment of revolving credit facilities.
Notes rated BBB (Kroll) and BBB- (S&P); blended fixed-rate debt cost 4.3% on a Q2 2022 proforma basis.

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