Kirkland Represents Butterfly Equity-Backed QDOBA on $435 Million Whole Business Securitization to Support Continued Momentum

Kirkland & Ellis advised Butterfly Equity-backed QDOBA Restaurant Corporation, the second largest fast-casual Mexican restaurant brand, on the closing of a $435 million whole business securitization, consisting of $360 million of Senior Notes and a $75 million Variable Funding Mote, through Qdoba Funding LLC. The transaction follows Butterfly’s $527 million continuation fund raised in 2025, underscoring continued investor confidence in QDOBA’s long term growth strategy and performance. Proceeds from the transaction will be used primarily to refinance existing debt at a reduced cost of capital and enhance overall liquidity. The additional liquidity will support continued investment in growth initiatives, including restaurant remodels, digital make lines and other technology initiatives.

Read the transaction press release

The Kirkland team included structured finance lawyers Janette McMahan, Micheal Urschel, Alissa Carbonara, Emma Tall and Kelli Johnson; corporate lawyers Ravi Agarwal, Chrissy Pak and Joseph Escoto; tax lawyers Benjamin Schreiner, Jon Nelsen and Leah Blake; technology & IP transactions lawyers Bernadette Coppola, Shellie Freedman and Seth Raker; investment funds ERISA lawyer Joseph Lifsics; employee benefits lawyer Caitlin Bernice Pyrce; investment funds lawyer Phil Giglio; and litigation lawyer Nick Niles.