(Bloomberg) -- American fried chicken chain Church’s is tapping the U.S. securitization market to raise about $250 million to refinance debt.

Cajun Global LLC, a master trust associated with the fast food chain, is in the early stages of marketing a whole business securitization, according to people with knowledge of the offering who asked not to be identified as the deal is private. The notes will be backed by cash generated from franchise agreements, royalties and intellectual property, according to Kroll Bond Rating Agency.

The deal’s largest class is a $250 million BBB rated offering with a weighted average life of about five years. Proceeds raised will be used to repay an existing credit facility and for transaction fees and expenses. Barclays Plc is managing the sale, which is expected to price later this week.

The company’s first securitization was issued in 2011, while it’s most recent deal was sold in May 2017, according to data compiled by Bloomberg and Kroll. Taco Bell issued a deal with a similar rating and tenor in August to yield 1.95%.

Church’s was founded by George W. Church in San Antonio, Texas, in 1952. In 1989, it merged with Popeyes Chicken and Biscuits, however, the brands remained separate and distinct, according to Kroll.

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