Why Wendy's Stock Is Sizzling Again Today

Wendy's Co WEN is moving higher in premarket trading after the company announced a refinancing transaction.

What Happened: The company announced certain subsidiaries will refinance a portion of their outstanding securitization debt with a new series of securitized notes.

Wendy's subsidiaries intend to issue at least $900 million of new fixed-rate senior secured notes and plan to use the gross proceeds from the sale for the repayment of the Series 2015-1 Class A-2-III Notes and the Series 2018-1 Class A-2-I Notes and to pay related transaction fees and prepayment costs. Any remaining funds will be used for general corporate purposes.

Why It Matters: Wendy's stock soared Tuesday after posts on the Subreddit r/wallstreetbets highlighted the company's new summer food options, international expansion and growth acceleration as a result of the reopening as potential catalysts for the stock.

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Wendy's announced the release of its new Summer Strawberry Chicken Salad on Monday and opened its doors in the United Kingdom on June 2.

Price Action: Wendy's is setting a new all-time high in premarket trading today. The stock was up 4.95% at $30.30 but has pared some gains to trade around $29.10 at publication time.

Photo courtesy of Wendy's.