Wingstop Inc. agreed to sell fixed-rate senior secured notes worth $320 million to Barclays Capital Inc., according to a Nov. 7 SEC filing.
Wingstop Funding LLC, a subsidiary of the Texas-based restaurant operator, will issue series 2018-1 4.97% fixed-rate senior secured notes, class A-2, in a privately placed securitization transaction. The notes offering was upsized from approximately $300 million.
The sale of the notes is expected to close Nov. 14, subject to the satisfaction of conditions in the purchase agreement signed Nov. 6.
The anticipated repayment date of the senior notes is December 2023, with the legal final maturity date set for December 2048.
Citibank NA served as Wingstop Funding's trustee for the agreement.