Kirkland Advises Apax-Backed Authority Brands on $461 Million Whole Business Securitization

Kirkland & Ellis represented Apax-sponsored Authority Brands, a franchisor of home services, on its third whole business securitization issuance. The issuance is comprised of $286 million of Class A-2 term notes and Class A-1 variable funding notes with commitments of up to $175 million on a revolving basis to provide working and growth capital. The Class A-2 Notes received investment grade ratings of BBB from both KBRA and DBRS. The notes are secured by substantially all of the existing revenue-generating assets of 12 of Authority Brands' national service brands in the United States, including The Junkluggers, The Cleaning Authority, Benjamin Franklin Plumbing, One Hour Heating and Air Conditioning, Mosquito Squad, and Mister Sparky.

The Kirkland team included structured finance lawyers Evan Berman, Kelly Mellecker, Brandon Karas, Brooke Brimo and Alissa Carbonara; debt finance lawyers Zachary Burgess and Katie Schneller; tax lawyers Jon Nelsen and Jon Herlin; and technology & IP transactions lawyers Shellie Freedman, Matthew Lovell and Camilo Mesa.