NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of Servpro Master Issuer, LLC, a whole business securitization.
This transaction represents SERVPRO’s first securitization. This transaction is structured as a whole business securitization in which Servpro Industries, LLC (“SERVPRO” or the “Company”) and certain of its affiliates will contribute substantially all of their revenue-generating assets to Servpro Master Issuer, LLC (the “Issuer”). The Issuer is expected to issue $45 million of Series 2019-1, Class A-1 Notes (the “Class A-1 Notes”) and $480 million of Series 2019-1, Class A-2 Notes (the “Class A-2 Notes”, and together with the Class A-1 Notes, the “Notes”). The transaction collateral includes existing and future franchise and development agreements, product supply contracts, call center payments, document restoration assets, vendor commissions, other franchisee fees and securitization information technology and intellectual property. The proceeds from the offered notes will be used to refinance SERVPRO’s existing credit facilities, pay certain transaction expenses, make deposits into certain transaction accounts and for general corporate purposes, which may include a distribution to the Company’s equity holders.
KBRA analyzed the transaction using the Global General Rating Methodology for Asset-Backed Securities published on November 28, 2017 and the Global Structured Finance Counterparty Methodology published on August 8, 2018. KBRA also conducted an on-site operational review of SERVPRO at its Gallatin, TN headquarters in June 2019. KBRA will review the final operative agreements and legal opinions for the transaction prior to closing.
The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.
|
Series 2019-1 |
Preliminary Rating |
Initial Principal Balance |
||
|
Class A-1 Notes |
BBB (sf) |
$45,000,000 |
||
|
Class A-2 Notes |
BBB (sf) |
$480,000,000 |
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
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About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Contacts
Analytical Contacts:
Xilun Chen, CFA, Senior Director
(646) 731-2431
xchen@kbra.com
Abby Barkwell, Associate Director
(646) 731-3304
abarkwell@kbra.com
Shalin Rajpara, Senior Analyst
(646) 731-3337
srajpara@kbra.com
James Chiavaro, Analyst
(646) 731-2383
jchiavaro@kbra.com
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