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KBRA assigns preliminary ratings to SEB Funding LLC, Series 2021-1 Notes

By on November 10, 2021 0

NEW YORK–(COMMERCIAL THREAD) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes of SEB Funding LLC, an entire corporate securitization.

This transaction represents the first securitization of Self Esteem Brands LLC (“Self Esteem Brands”, “SEB” or the “Company”). The transaction is structured as a “global securitization” (WBS) in which SEB and certain of its subsidiaries contribute substantially all of their income-generating assets to SEB Funding LLC (the “Issuer”) and its subsidiaries. The Issuer issues three classes of notes totaling $ 510.75 million (the “Notes”). The collateral for the transaction includes existing and future franchise agreements and associated royalties and fees, rebate income, margin on distribution sales, other fees and income, and intellectual property. The proceeds of the offered Notes will be used to repay existing debt, to pay certain transaction fees and expenses, and for general corporate purposes, including distribution to the parent company of the Company.

The Company is the franchisor and operator of health and wellness brands including Anytime Fitness (fitness clubs), Waxing the City (waxing studios), Basecamp Fitness (high intensity fitness studio) and The brands Method Bar (low impact fitness studio). He is best known for his chain of facilities Anytime Fitness, which was founded in 2002. The SEB system comprises 5,153 units in 50 states and 34 countries as of September 30, 2021. System-wide sales totaled approximately 1 , $ 7 billion for the twelve months ending September 30, 2021 (“LTM Q3 2021”) and the system is approximately 99% franchised.

Click on here to view the report. To access the assessments and relevant documents, click on here.

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Disclosures

Further information on key credit considerations, sensitivity analyzes that examine the factors that may affect these credit ratings and how they might lead to an upgrade or downgrade, and ESG factors (when they are a key factor in the change in credit rating or rating outlook) can be viewed in the full rating report mentioned above.

A description of all substantially significant sources that were used to prepare the credit rating and information about the method (s) (including significant models and sensitivity analyzes of the relevant key rating assumptions, if any) used to determine the credit rating are available in the information disclosure form (s) located here.

Information about the meaning of each rating category can be located here.

Further information relating to this rating measure is available in the information disclosure form (s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures can be found at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a credit rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a credit rating agency with the UK Financial Conduct Authority under the temporary registration regime. In addition, KBRA is appointed as the designated rating agency by the Ontario Securities Commission for issuers of asset-backed securities to file a simplified prospectus or a shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a credit rating provider.


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