FAT Brands (FAT) announced that Twin Hospitality Group Inc., the operating unit for its Twin Peaks and Smokey Bones restaurant brands, has priced the issuance of new notes to refinance its whole business securitization credit facility originated in October 2021. The aggregate principal balance of the new Series 2024-1 fixed rate notes is $416,711,000 across four tranches, with a weighted average interest rate of 9.5% per annum. The issuer of the Notes will be Twin Hospitality I, a wholly-owned subsidiary of Twin Hospitality Group Inc. The Notes may be exchanged for a proportionate interest in Exchangeable Notes in two tranches, referred to as Class A2IIB2 and Class A2IIB2M2, which reflect in the aggregate the characteristics of the corresponding exchanged Notes.
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