Jersey Mike’s Plans to Raise $500 Million With Credit Market Sale
- Company to issue $500 million of whole business securities
- Issuers have sold $14.6 billion in WBS as investors seek yield
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Jersey Mike’s, a sandwich maker that started operations in 1956, plans to raise $500 million in a small corner of U.S. credit markets.
The Manasquan, New Jersey-based company kicked off early marketing for a $500 million asset-backed security offering supported by existing and future franchise and development agreements, according to a person with knowledge of the transaction. The funds raised will be used for investments in the business and a dividend to the equity holder, said the person, who asked not to be identified as the details are private.