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The Wendy’s Co. has completed the sale of $400 million of senior secured Class A-2-I Notes at a fixed rate of 3.783 percent, and $450 million of senior secured Class A-2-II Notes at a fixed rate of 4.08 percent.

The debt was issued through one of the company's indirect, special purpose subsidiaries. Net proceeds and cash on the company’s balance sheet will be used to repay the subsidiary for outstanding notes from 2015.

The subsidiary also entered a purchase agreement to issue $150 million of variable funding senior secured Class A-1 Notes, which allows the subsidiary to borrow on a revolving basis. The Class A-1 Notes will replace the company’s existing $150 million 2018 Notes.