The second coming of US whole business securitisation

By Ronald S Borod, Andrew M Sroka and Erin G Apstein

Whole business securitisation is growing in popularity and offers an innovative way for strong brands to segregate valuable intellectual property and other intangible assets from the parent company’s operating risks, and thus effectuate cheaper debt financing

Whole business securitisation first appeared in the United States in the early 2000s, with some relatively small securitisations of franchise fees and trademark royalties of the Arby’s fast-food restaurant chain, the Athlete’s Foot Group of athletic shoe stores and the Guess? trademark portfolio. The first marquee whole business securitisation in the United States occurred in 2006, when Dunkin’ Brands sponsored a $1.7 billion franchise and trademark royalty securitisation.

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Issue 71