Driven Brands Holdings Inc. (NASDAQ: DRVN) announced today it closed a $500 million securitization offering to refinance existing debt.
The parent company of collision repair industry brands such as Maaco, 1-800-Radiator & A/C, Auto Glass Now, and CARSTAR issued Series 2025-1 Fixed Rate Senior Secured Notes, Class A-2, maturing in October 2055 with an anticipated repayment date of October 2030. The notes carry a 5.296% coupon rate.
Driven Brands will use the proceeds, combined with funding from its revolving credit facility, to refinance its Series 2019-1 and Series 2022-1 Class A-2 notes and pay transaction fees. The remainder will go
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