Dunkin donuts' WBS, RFC, & LoC deals

Jan 2015: Dunkin donuts refinanced its debt with a £2,6bn WBS issue, that will also fund an equity buyback scheme.

"The Master Issuer and its subsidiaries hold or have the right to receive payments on substantially all of the Company's revenue-generating assets and will use cash flows generated from these assets to make interest and principal payments on the Notes."

"The Master Issuer also entered into a purchase agreement for the issuance of up to $100 million of Series 2015-1 Variable Funding Senior Notes, Class A-1 (the "VFN"), which will allow the Master Issuer to borrow amounts from time-to-time on a revolving basis and issue letters of credit."

Details here and here and here

(the first link also describes two other WBS deals by Sears and by Applebee)

Dunking donuts also securitised its brands' revenues in a WBS in 2006 as part of its acquisition by PE firms. Details here and here

Some of the actual and perceived benefits of WBS are described here