Whole business securitisations

  • Punch split confirmed

    Punch has announced its formal intention to split the business in two via the creation of a new listed entity called Spirit Pub Company, which will consist of the existing Spirit securitisation as well as a number of managed pubs outside the deal. The demerger remains conditional upon a shareholder vote and is expected to become effective on 1 August.

    News Round-up 7 July 2011

  • Spirit demerger reviewed

    Moody's has commented on the demerger of the Spirit Group from parent Punch Taverns and the creation of a new listed parent company, Spirit plc. The agency currently rates all classes of notes issued by Spirit Issuer at Ba2.

    Following Punch's strategic review (see SCI 23 March), Spirit's current strategy appears unsustainable and restructuring was deemed to be necessary. The .......

    News Round-up 6 April 2011

  • Cajun Global WBS closes

    Church's Chicken has closed the first whole business securitisation in the restaurant sector since 2007. The deal, dubbed Cajun Global 2011-1, was arranged by Barclays Capital and includes a US$220m 6.04-year A2 tranche rated Baa2/BBB (Moody's/S&P) that priced with a coupon of 6%. It also comprises US$25m in senior secured revolving notes.

    The firm says the transaction attracted significant demand .......

    News Round-up 1 March 2011

  • Stable to negative outlook for UK WBS

    Fitch's outlook for UK pub and healthcare whole business securitisations (WBS) is stable to negative for 2011.

    Stefan Baatz, Fitch's director in global infrastructure, says: "The stable to negative outlook is driven by several factors. First, a sluggish recovery of the UK economy and a consequently weak labour market, coupled with rising commodity prices and the VAT hike will have .......

    News Round-up 17 January 2011

  • Euro WBS performance examined

    S&P reports that challenging trading conditions have persisted in most sectors of European corporate securitisations in the second half of 2010. The agency says it has accounted for these short-term conditions in its stresses, which are largely driven by macroeconomic views, as well as the resultant impact on cashflow generation.

    Deterioration in performance has been within the scope of S&P's accounted .......

    News Round-up 9 December 2010

  • Whole business add-on securitisation executed

    NUCO2 Funding has executed a US$40m add-on securitisation to fund future acquisitions, pay securitisation expenses and for other general corporate purposes. The new 2010-1 deal will be issued out of the existing securitisation trust and will be pari-passu with the outstanding senior notes (series 2008-1 class A notes).

    The notes are backed by cashflows generated by substantially all of NuCO2 .......

    News Round-up 6 October 2010
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