Domino's Pizza plans to refinance its outstanding securitization debt.

In April 2007, some Domino's units entered into a $1.85 billion securitized financing facility comprising $1.7 billion of fixed-rate notes and $150 million of variable funding notes. As of June 19, the outstanding securitized debt balance was $1.45 billion.

Domino's stated that it will replace its existing debt with a new securitized financing facility, expected to consist of $1.525 billion of fixed rate notes and $100 million of variable funding notes.

The new fixed-rate notes are expected to require repayment near the seventh anniversary of the closing date and the new variable funding notes should require repayment on or before the fifth anniversary of the closing date, with an option for up to two one-year renewals subject to certain conditions.

The net proceeds of the new facility will be to repay the 2007 notes in full and for general corporate purposes. The consummation of the notes offering is subject to market and other conditions and should close in the 3Q11.


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