Domino's Pizza Announces Refinancing Transaction
- The Company's last recapitalization occurred in
July 2017(the "2017 Recapitalization"), with the issuance of a $1.9 billionsecuritized financing facility consisting of $300 millionof floating rate notes and $1.6 billionof fixed rate notes and the entry into a new $175 millionvariable funding note facility (the "2017 VFN Note Facility") that replaced the 2015 VFN Notes (defined below). As of December 31, 2017, there was approximately $46.7 millionof outstanding letters of credit and $128.3 millionof available borrowing capacity under the 2017 VFN Note Facility.
- The Company's prior recapitalization before the 2017 Recapitalization occurred in
October 2015(the "2015 Recapitalization"), with the issuance of a $1.425 billionsecuritized financing facility consisting of $1.3 billionof fixed rate notes (the "2015 Notes") and $125 millionof variable funding notes (the "2015 VFN Notes").
- The Company's subsidiaries intend to issue approximately
$825 millionof new securitized notes (the "2018 Notes") and to use the proceeds to prepay and retire approximately $491.3 millionof the outstanding 2015 Notes at par, to pay transaction fees and for general corporate purposes.
The consummation of the offering is subject to market and other conditions and is anticipated to close in the second quarter of 2018. However, there can be no assurance that we will be able to successfully complete the refinancing transaction on the terms described or at all.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the 2018 Notes or any other security. The notes to be offered have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in
About Domino's Pizza®
Founded in 1960,
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the "safe harbor" provisions of the Act. You can identify forward-looking statements by the use of words such as "anticipates," "believes," "could," "should," "estimates," "expects," "intends," "may," "will," "plans," "predicts," "projects," "seeks," "approximately," "potential," "outlook" and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including the Company's planned refinancing transactions. While we believe these expectations and projections are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our other filings with the
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Tim McIntyre, 734-930-3563, email@example.com