European Wax Center, Inc. Prices $400 Million Securitized Financing Facility
03/28/22, 7:25 PM
Location
planoMoney raised
$400 million
Industry
financial services
European Wax Center, Inc. (NASDAQ:EWCZ) (together with its subsidiaries, the “Company”) today announced that it has priced $400 million of Series 2022-1 Class A-2 Fixed Rate Senior Secured Notes (the “Class A-2 Notes”) with an anticipated repayment term of five years, an aggregate principal amount of $400 million and a fixed interest rate of 5.50% per annum, payable quarterly. The Class A-2 Notes are expected to be issued by EWC Master Issuer LLC, a newly-formed, limited-purpose, bankruptcy remote indirect subsidiary of European Wax Center, Inc. in a privately placed securitization transaction.
Company Info
Location
plano, texas, united states
Additional Info
As of December 25, 2021, the Company had an outstanding principal amount of term loans under its senior secured credit facilities of $180.0 million; andto fund a one-time special dividend to stockholders. The Company expects the Class A-2 Notes and the Variable Funding Notes transactions to close in April 2022, subject to satisfaction of various closing conditions.