Domino's plans $1 billion debt refinancing transaction

Domino's Pizza Inc. (NASDAQ: DPZ) announced that certain subsidiaries intend to complete a refinancing transaction involving $1 billion in new securitized notes and a new variable funding facility.

The company plans to use proceeds from the new 2025 Notes, along with approximately $150 million in cash, to retire existing debt obligations. This includes prepaying $742 million of 2015-1 Fixed Rate Senior Secured Notes, Class A-2-II at par, and $402.7 million of 2018-1 Fixed Rate Senior Secured Notes, Class A-2-I at par. The refinancing will also retire outstanding amounts from 2021-1 and 2022-1 Variable Funding Notes at par.

The subsidiaries expect to establish a new $320 million variable funding note facility to replace existing facilities totaling $320 million. As of June 15, 2025, approximately $56.4 million in letters of credit were outstanding under existing variable funding facilities, with no outstanding borrowings.

The note offering is subject to market and other conditions, with closure anticipated in the third quarter of 2025. The company stated there is no assurance the refinancing will complete on described terms or at all.

Domino's operates more than 21,500 stores across over 90 markets globally. The company reported global retail sales exceeding $19.4 billion in the trailing four quarters ended June 15, 2025. Independent franchise owners account for 99% of Domino's stores as of the second quarter of 2025.

The information is based on a company press release statement.

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