Kirkland Advises Scooter’s Coffee on Debut $375 Million Whole Business Securitization
Kirkland & Ellis advised Scooter’s Coffee on its inaugural $375 million whole business securitization, consisting of $350 million of Class A-2 term notes and a $25 million variable funding note, though two co-issuers. Scooter’s Coffee, founded in 1998, is a beverage franchisor known for coffee-focused offerings, with a system of 910 units across 32 states that is approximately 98% franchised across multiple formats, including kiosks, endcaps and coffeehouses with drive-thru and non-traditional locations. The collateral includes substantially all existing and future revenue-generating assets of the Scooter’s system, including franchise agreements and related revenues and intellectual property and assets and revenues from Scooter’s vertically integrated coffee roasting and supply chain platform, Harvest Roasting. Proceeds from the offered notes will be used to refinance existing corporate debt, pay transaction expenses and for general corporate purposes.
The Kirkland team included structured finance lawyers Janette McMahan, Michael Urschel, Marc Kassis, Aaqib Mahmood, Emma Tall, Ed Kellermann, Kelli Johnson and Suril Patel; tax lawyers Richard Husseini, Polina Liberman, Jon Nelsen, Karissa Leffingwell and David Wheat; technology & IP transactions lawyers Shellie Freedman, Melissa Moreno and Aseem Jha; investment funds ERISA lawyer Joseph Lifsics; executive compensation lawyer Cameron Bateman; investment funds lawyer Nick Tarnowski; employee benefits lawyer Caitlin Bernice Pyrce; real estate lawyer Jennifer Sheehan; and litigation lawyer Nick Niles.
