Courtesy of Benzinga.
Domino’s Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, announced today that it has completed its recapitalization as planned, with the placement by certain of its subsidiaries of a $1.675 billion securitized debt facility and a declaration by its Board of Directors of a $3 per share special dividend. The new securitized debt facility replaces the April 2007 securitized debt facility.
J. Patrick Doyle, Domino’s President and Chief Executive Officer, said: “The fact that we will be paying less in interest, along with the stability of a fixed interest rate over the next seven years, and the flexibility of an available revolver, gives us the ability to invest in the business and reward shareholders. The special dividend demonstrates our commitment to provide value to our shareholders.”
The Company has $82.3 million of remaining availability under its $200 million open market share repurchase program and believes that share repurchases could also offer another appropriate strategy for shareholder returns.
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