Ropes & Gray Represents European Wax Center in $440 Million Securitized Financing

In The News
April 14, 2022

Ropes & Gray advised European Wax Center, Inc. together with its subsidiaries in completing a whole business securitization refinancing transaction involving the issuance of $440 million in securitized notes. The notes include $400 million of Series 2022-1 Class A-2 Fixed Rate Senior Secured Notes. In addition, the refinancing transaction includes a $40 million variable funding note facility. As of the closing, none of the Variable Funding Notes have been drawn, but an undrawn letter of credit of approximately $5.6 million has been issued under the Variable Funding Notes.

European Wax Center is the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States.

The Ropes & Gray team representing European Wax Center was led by private equity partner Patricia Lynch and capital markets partner Thomas Fraser and included IP transactions partners Erica Han and Ed Black, business restructuring partner Jim Wilton, tax partner Adam Greenwood, IP transactions counsel Emilia Cannella, employment & benefits counsel Sara Clevering, private equity associate Matthieu Wharmby and capital markets senior attorney Daniel Fine.