Driven Brands Holdings Inc. (NASDAQ: DRVN) announced that it has closed an offering by its subsidiaries for $275 million of Series 2024-1 Fixed Rate Senior Secured Notes, Class A-2 (A-2 Notes) maturing October 2054 and with an anticipated repayment date in October 2031.
The proceeds from the issuance will be used to refinance the Company’s Series 2018-1 Class A-2 Fixed Rate Senior Secured Notes, to pay transaction-related fees and expenses and for general corporate purposes.
In addition, Driven Brands increased the total capacity under its Variable Funding Notes through the addition of $400 million of Series 2024-1 Class A-1 Notes
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