FAT Brands completes $416.7M refinancing of Twin Peaks and Smokey Bones, creates Twin Hospitality for planned listing

Fat Brands, Inc

Issued $416,711,000 in Series 2024-1 fixed rate notes across four tranches with weighted average interest rate of 9.5% per annum.
Refinanced whole business securitization of Twin Peaks and Smokey Bones under new holding company Twin Hospitality Group Inc.
Twin Hospitality agreed to issue warrants for 5% of its Class A Common Stock to noteholders, exercisable at $0.01 per share.
FAT Brands modified its FBRH credit facility, pledged all Twin Hospitality Class A shares as collateral for existing debt.
Notes have anticipated repayment date of October 25, 2027, with legal final maturity October 26, 2054; additional interest if not repaid.

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