White & Case Advises Guggenheim Securities, LLC As Structuring Agent on Zaxby’s US$285 Million Whole-Business Securitization Offering

Global law firm White & Case LLP has advised Guggenheim Securities, LLC as structuring agent on the approximately US$285 million whole-business securitization issuance of Series 2024-1 notes by Zaxby's, a franchisor of more than 900 casual chicken restaurants in the United States.

The issuance comprised US$210 million of term notes and up to US$75 million of delayed-draw notes. The delayed-draw notes are an innovative addition to the whole-business securitization market, allowing Zaxby's to draw on the notes for a period of time post-closing, subject to compliance with certain leverage and debt service coverage covenants.

The White & Case team was led by Capital Markets partners David Thatch and Jim Fogarty, and included associates Zoë Kam, Evdoxia Madonis and Heidi Ahmed (all in New York); Tax partner Sang I. Ji, counsel Isaac Tendler and associate Daniel Park (all in New York); Technology Transactions partner Linda Sim (Los Angeles), and associates Jarrah Al-Buainain and Jordan Hill (both in New York); Employment Compensation & Benefits counsel Heidi Schmid (New York), and associate Tyrone Crawford (Washington, DC); and Data, Privacy & Cybersecurity partner F. Paul Pittman (Washington, DC). 

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