Driven Brands closes $275M securitization at 6.372% to refinance existing debt

Driven Brands Holdings Inc.

Issued $275M of 6.372% Series 2024-1 Class A-2 Notes, final maturity Oct 2054, anticipated repayment Oct 2031.
Proceeds used to refinance Series 2018-1 Class A-2 Notes, pay transaction fees, and for general corporate purposes.
Added $400M Series 2024-1 Class A-1 Variable Funding Notes capacity, replacing $135M undrawn Series 2019-3 A-1 Notes; A-1 Notes undrawn at close.
Notes rated BBB by KBRA and BBB- by S&P; Company's eleventh whole business securitization issuance.
Entered Amendment No. 11 to Base Indenture, revising definition of DSCR.

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