Subway, which agreed to be bought by private equity firm Roark Group last month, is reported to be planning to raise almost $5 billion through a whole business securitization.

In a whole business securitization, the company’s receivables and assets – including franchise fees, royalties and intellectual property – are sold into a special purpose vehicle, which then issues bonds.

Competitor fast-food franchise firms including as Domino’s, Dunkin Brands, Wendy’s Co and Arby’s Restaurant Group have issued bonds through whole business securitization structures.

Subway’s issuance would reportedly be used to refinance $4.9 billion in acquisition financing from Morgan Stanley, Barclays, JPMorgan, Mizuho, MUFG, Rabobank and Wells Fargo.