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Church's Chicken completes whole-business securitization

February 2011

Client(s) Cajun Operating Company d/b/a Church's Chicken

Jones Day advised Cajun Operating Company d/b/a Church's Chicken, a quick-service restaurant chain, in connection with a whole-business securitization consisting of the issuance of $220 million of Senior Secured Notes and $25 million of Senior Secured Revolving Notes. Proceeds from the securitization were used to repay the outstanding balance of the company's acquisition debt, to pay related fees and expenses, and to pay a dividend to shareholders. Church's Chicken was acquired in 2009 by Friedman Fleischer & Lowe, a private equity firm based in San Francisco

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