Subway eyes $2.3 billion asset-backed debt sale
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Subway plans to borrow $2.3 billion through asset-backed securities; this is the second time in 2024 the company is tapping this market; Subway was purchased by Roark Capital Group in April 2024; in May 2024, it sold $3.35 billion in bonds backed by franchisee fees, marking the largest securitization of its kind; the latest sale is led by Barclays Plc and Morgan Stanley; it will refinance a term loan and includes restaurants worldwide; the deal would be the fourth largest whole business securitization; previous Subway bond offering saw nearly $20 billion in orders; overall ABS market issuance is up to $242 billion this year compared to $192 billion last year.
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