Tags: Hooters | waitresses | skimpy | debt

Hooters Said to Plan $300 Million of Debt Tied to Company Assets

Monday, 14 Jul 2014 01:48 PM

Hooters of America LLC, the chain best known for the skimpy tank tops worn by its waitresses, is marketing $300 million of bonds backed by company assets including franchise agreements, according to a person with knowledge of the offering.

The securities carry a BBB grade from Kroll Bond Rating Agency, said the person, who asked not to be identified because terms aren’t public. Guggenheim Securities LLC is underwriting the transaction for the Atlanta-based company.

Issuance of asset-backed securities linked to offbeat collateral is rising as central banks around the world suppress interest rates, pushing investors toward riskier deals with higher yields. Sales of such esoteric offerings reached a record $30 billion in 2013, according to Barclays Plc.

Companies have sold about $87 billion of bonds linked to consumer borrowings this year, with auto debt accounting for $57 billion, according to data compiled by Bloomberg.

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Hooters of America LLC, the chain best known for the skimpy tank tops worn by its waitresses, is marketing $300 million of bonds backed by company assets including franchise agreements, according to a person with knowledge of the offering.
Hooters, waitresses, skimpy, debt
144
2014-48-14
Monday, 14 Jul 2014 01:48 PM
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