Dunkin' Brands, the parent company of Dunkin' Donuts and Baskin-Robbins, is returning to the securitization market to refinance its senior secured credit facility. The securitization trust, called DB Master Finance (Series 2015-1), is backed by proceeds from the company's franchises, which include over 18,600 restaurants in 56 countries.
The trust will issue $2.4 billion of senior fixed-rate term notes and $100 million of variable funding notes. Proceeds will be used to repay Dunkin's $1.8 billion senior secured term loan due in 2021 and a $100 million senior secured revolving credit facility due in 2019. The remaining proceeds will be used for general corporate purposes, including stock repurchases.