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Presale: Wendy's Funding LLC (Series 2021-1)

Wendy's Funding LLC's series 2021-1 issuance is a $1.20 billion corporate securitization of The Wendy's Co. (Wendy's) business. The company intends to use the proceeds to prepay in full the outstanding series 2015-1 class A-2-III and series 2018-1 class A-2-I notes, which totaled approximately $472.5 million and $435.4 million, respectively, as of March 2021. The remaining amount after transaction expenses will be used for general corporate purposes, which may include funding for growth initiatives, return of capital to shareholders, and additional debt retirement. Assuming a full drawdown on the series 2021-1 class A-1 variable-funding notes (VFN) (not offered) and the added $350 million issuance capacity, the total note issuance will result in a trailing 12-month total debt to adjusted EBITDA