Domino's Pizza, Inc. announced that certain of its subsidiaries intend to complete a refinancing transaction for a portion of their outstanding securitization debt. The plan involves issuing $1.0 billion of new securitized notes, referred to as the '2025 Notes'.
The proceeds from the 2025 Notes, combined with approximately $150 million of cash on hand, will be used to fully prepay and retire $742.0 million of the 2015-1 Fixed Rate Senior Secured Notes and $402.7 million of the 2018-1 Fixed Rate Senior Secured Notes. This will also cover outstanding variable funding notes and transaction fees.
Additionally, the company expects these subsidiaries to enter into a new $320 million variable funding note facility, which will replace the existing $200 million and $120 million facilities. The consummation of this note offering is subject to market and other conditions and is anticipated to close in the third quarter of 2025.
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