Driven Brands Holdings Inc. (NASDAQ: DRVN) announced October 5 that it has closed an offering by its subsidiaries for $365 million Series 2022-1 Fixed Rate Senior Secured Notes, Class A-2 maturing October 2027, increasing the offering by over 30 percent. In addition to the closing of the Notes, Driven Brands also increased the total capacity under the Variable Funding Notes to $250 million, after certain conditions are met, through the addition of $135 million Series 2022-1 Class A-1 Notes.
Driven Brands plans to use the net proceeds from the Notes for general corporate purposes, including the repayment of revolving credit
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