...FOCUS Brands Funding LLC's series 2023-1 issuance is a $200 million corporate securitization of Focus Brands LLC's (FOCUS) business. FOCUS is a limited-service restaurant (LSR) company in the quick service and fast casual segments. The company operates and franchises a system of seven distinct brands and is based in Atlanta. As of second-quarter 2023, 99% of FOCUS' 6,487 units were franchised, with approximately 1,800 franchisees operating 6,414 units. With locations in all 50 U.S. states and 62 foreign countries and territories, FOCUS' global systemwide sales totaled $4.0 billion as of the 12 months ended June 25, 2023. The series 2023-1 senior notes will be the fourth series issued by FOCUS Brands Funding LLC (the master issuer) since 2017. Despite the variable funding notes (VFNs) remaining undrawn at closing any proceeds may be used for general corporate purposes, including to fund shareholder distributions. Table 1 shows the series 2023-1 issuance's impact on leverage, while table...
