UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) October 23, 2014

 

 

Domino’s Pizza, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Delaware   001-32242   38-2511577

(State or Other Jurisdiction of

Incorporation or Organization)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

30 Frank Lloyd Wright Drive

Ann Arbor, Michigan

   48105
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code (734) 930-3030

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 7.01. Regulation FD Disclosure.

The document attached hereto as Exhibit 99.1 is a copy of a report provided by Domino’s Pizza, Inc. (the “Company”) to holders of the Series 2012-1 5.216% Fixed Rate Senior Secured Notes, Class A-2 of Domino’s Pizza Master Issuer LLC, a subsidiary of the Company. The information in this Form 8-K and the Exhibit attached hereto are being furnished pursuant to Item 7.01 of Form 8-K and therefore shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
Number

   

Description

99.1    Domino’s Pizza Master Issuer LLC Quarterly Noteholders’ Statement for the third quarter of 2014.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

     

DOMINO’S PIZZA, INC.

(Registrant)

Date October 23, 2014       /s/ Michael T. Lawton
      Michael T. Lawton
      Chief Financial Officer


Exhibit 99.1

Domino’s Pizza Master Issuer LLC

Domino’s SPV Canadian Holding Company Inc.

Domino’s Pizza Distribution LLC

Domino’s IP Holder LLC

Quarterly Noteholders’ Statement

 

Quarterly Collection Period Starting:    June 16, 2014
Quarterly Collection Period Ending:    September 7, 2014
Quarterly Payment Date:    October 27, 2014

Debt Service Coverage Ratios and Senior ABS Leverage

 

          Senior ABS Leverage     Quarterly DSCR  

Current Period

       4.36  x      3.70  x 
   

 

 

    

 

 

  

One Period Prior

       4.47  x      3.81  x 
   

 

 

    

 

 

  

Two Periods Prior

       4.55  x      3.46  x 
   

 

 

    

 

 

  

Three Periods Prior

       4.51  x      3.28  x 
   

 

 

    

 

 

  

System Performance

      

Domestic

      
    Franchise     Company-Owned     Total Domestic  

Open Stores at end of prior Quarterly Collection Period

     4,626        376        5,002   

Store Openings during Quarterly Collection Period

     23        —          23   

Store Transfers during Quarterly Collection Period

     —          —          —     

Permanent Store Closures during Quarterly Collection Period

     (9 )      —          (9 ) 
 

 

 

    

 

 

    

 

 

  

Net Change in Open Stores during Quarterly Collection Period

     4,640        376        5,016   

Open Stores at end of Quarterly Collection Period

      

International

      
    Franchise     Company-Owned     Total
International		  

Open Stores at end of prior Quarterly Collection Period

     6,119        —          6,119   

Store Openings during Quarterly Collection Period

     160        —          160   

Permanent Store Closures during Quarterly Collection Period

     (14 )      —          (14 ) 
 

 

 

    

 

 

    

 

 

  

Net Change in Open Stores during Quarterly Collection Period

     6,265        —          6,265   

Open Stores at end of Quarterly Collection Period

     —          —          —     
    Franchise     Company-Owned     International  

Same-Store Sales Growth for Quarterly Collection Period

     7.8 %      6.1 %      7.1 % 

Potential Events

      
                Material Concern  

i. Potential Rapid Amortization Event

         No   

ii. Potential Manager Termination Event

         No   

Cash Trapping

      
          Commenced     Date of
Commencement		  

i. a. Partial Cash Trapping Period

       No        N/A   
   

 

 

    

 

 

  

b. Full Cash Trapping Period

       No        N/A   
   

 

 

    

 

 

  

ii. Series 2012-1 Cash Trapping Percentage during Quarterly Collection Period

         N/A   
     

 

 

  

iii Series 2012-1 Cash Trapping Percentage following current Quarterly Payment Date

         N/A   
     

 

 

  

iv. Series 2012-1 Cash Trapping Percentage during prior Quarterly Collection Period

         N/A   
     

 

 

  

v. Series 2012-1 Partial Cash Trapping Release Event

         N/A   
     

 

 

  

vi. Series 2012-1 Full Cash Trapping Release Event

         N/A   
     

 

 

  

Occurrence Dates

      
          Commenced     Date of
Commencement		  

i. Rapid Amortization Event

       No        N/A   
   

 

 

    

 

 

  

ii. Default

       No        N/A   
   

 

 

    

 

 

  

iii. Event of Default

       No        N/A   
   

 

 

    

 

 

  

iv. Manager Termination Event

       No        N/A   
   

 

 

    

 

 

  

Non-Amortization Test

      
          Commenced     Date of
Commencement		  

i. Non-Amortization Period

       Yes        July 25, 2014   
   

 

 

    

 

 

  

Extension Periods

      
          Commenced     Date of
Commencement		  

i. Series 2012-1 Class A-1 first renewal period

       No        N/A   
   

 

 

    

 

 

  

ii. Series 2012-1 Class A-1 second renewal period

       No        N/A   
   

 

 

    

 

 

  

Domino’s Pizza Master Issuer LLC

Domino’s SPV Canadian Holding Company Inc.

Domino’s Pizza Distribution LLC

Domino’s IP Holder LLC

Quarterly Noteholders’ Statement

 

Quarterly Collection Period Starting:    June 16, 2014
Quarterly Collection Period Ending:    September 7, 2014
Quarterly Payment Date:    October 27, 2014

 

Allocation of Funds

   

1. Outstanding Notes and Reserve Account Balances as of Prior Quarterly Payment Date:

   

i. Outstanding Principal Balances

   

a. Advances Under Series 2012-1 Class A-1 Notes

    $ —     
  

 

 

  

b. Series 2012-1 Class A-2 Notes

    $ 1,521,843,750.00   
  

 

 

  

c. Senior Subordinated Notes

    $ —     
  

 

 

  

d. Subordinated Notes

    $ —     
  

 

 

  

ii. Reserve Account Balances

   

a. Available Senior Notes Interest Reserve Account Amount (1)

    $ 20,778,055.00   
  

 

 

  

b. Available Senior Subordinated Notes Interest Reserve Account Amount

    $ —     
  

 

 

  

c. Available Cash Trap Reserve Account Amount (1)

    $ —     
  

 

 

  

2. Retained Collections for Current Quarterly Payment Date:

   

i. Franchisee Payments

   

a. Domestic Continuing Franchise Fees

    $ 97,647,070.36   
  

 

 

  

b. International Continuing Franchise Fees

    $ 32,529,271.30   
  

 

 

  

c. Initial Franchise Fees

    $ —     
  

 

 

  

d. Other Franchise Fees

    $ —     
  

 

 

  

e. PULSE Maintenance Fees

    $ 2,056,643.34   
  

 

 

  

f. PULSE License Fees

    $ 243,195.00   
  

 

 

  

g. Technology Fees

      3,562,602.69   
  

 

 

  

h. Franchisee Insurance Proceeds

    $ —     
  

 

 

  

i. Other Franchisee Payments

    $ —     
  

 

 

  

ii. Company-Owned Stores License Fees

    $ 4,113,021.32   
  

 

 

  

iii. Third-Party License Fees

    $ —     
  

 

 

  

iv. Product Purchase Payments

    $ 311,657,858.96   
  

 

 

  

v. Co-Issuers Insurance Proceeds

    $ —     
  

 

 

  

vi. Asset Disposition Proceeds

    $ —     
  

 

 

  

vii. Excluded Amounts

    $ 265,180.74   
  

 

 

  

viii. Other Collections

    $ 140,884.00   
  

 

 

  

ix. Investment Income

    $ 3,105.83   
  

 

 

  

x. HoldCo L/C Agreement Fee Income

    $ 379,235.84   
  

 

 

  

Less:

   

xiii. Excluded Amounts

    $ 52,030,027.33   
  

 

 

  

a. Advertising Fees

    $ 51,764,846.59   
  

 

 

  

b. Company-Owned Store Advertising Fees

    $ —     
  

 

 

  

c. Third-Party Matching Expenses

    $ 265,180.74   
  

 

 

  

xiv. Product Purchase Payments

    $ 311,657,858.96   
  

 

 

  

xiv. Bank Account Expenses

    $ 39,839.02   
  

 

 

  

Plus:

   

xvi. Aggregate Weekly Distributor Profit Amount

    $ 19,904,458.60   
  

 

 

  

xvii. Retained Collections Contributions

    $ —     
  

 

 

  

xviii. Total Retained Collections

    $ 108,774,802.67   
  

 

 

  

3. Adjusted Net Cash Flow for Current Quarterly Payment Date:

   

i. Retained Collections for Quarterly Collection Period

    $ 108,774,802.67   
  

 

 

  

Less:

   

ii. Servicing Fees, Liquidation Fees and Workout Fees

    $ 78,197.29   
  

 

 

  

iii. Securitization Entities Operating Expenses paid during Quarterly Collection Period

    $ 80,000.00   
  

 

 

  

iv. Weekly Manager Fee Amounts paid during Quarterly Collection Period

    $ 13,565,215.38   
  

 

 

  

v. Manager Advances Reimbursement Amounts

    $ —     
  

 

 

  

vi. PULSE Maintenance Fees

    $ 2,056,643.34   
  

 

 

  

vii. Technology Fees

    $ 3,562,602.69   
  

 

 

  

viii. Administrative Expenses

    $ 25,000.00   
  

 

 

  

vix. Investment Income

    $ 3,105.83   
  

 

 

  

vx. Retained Collections Contributions, if applicable, received during Quarterly Collection Period

    $ —     
  

 

 

  

viii. Net Cash Flow for Quarterly Collection Period

    $ 89,404,038.13   
  

 

 

  

ix. Net Cash Flow for Quarterly Collection Period / Number of Days in Quarterly Collection Period

    $ 1,064,333.79   
  

 

 

  

x. Multiplied by 91 if 52 week fiscal year or 92.75 if 53 week fiscal year

      91   
  

 

 

  

xi. Adjusted Net Cash Flow for Quarterly Collection Period

    $ 96,854,374.64   
  

 

 

  

 

1. Amounts calculated as of the close of business on the last Business Day of the preceding Quarterly Collection Period.

Domino’s Pizza Master Issuer LLC

Domino’s SPV Canadian Holding Company Inc.

Domino’s Pizza Distribution LLC

Domino’s IP Holder LLC

Quarterly Noteholders’ Statement

 

Quarterly Collection Period Starting:    June 16, 2014
Quarterly Collection Period Ending:    September 7, 2014
Quarterly Payment Date:    October 27, 2014

 

4. Debt Service / Payments to Noteholders for Current Quarterly Payment Date:

   

i. Required Interest on Senior and Senior Subordinated Notes

   

Series 2012-1 Class A-1 Quarterly Interest

    $ 367,014.90   
  

 

 

  

Series 2012-1 Class A-2 Quarterly Interest

    $ 19,844,842.50   
  

 

 

  

Series 2012-1 Senior Subordinated Quarterly Interest

    $ —     
  

 

 

  

ii. Required Principal on Senior and Senior Subordinated Notes

   

Series 2012-1 Class A-2 Quarterly Scheduled Principal

    $ 5,906,250.00   
  

 

 

  

Series 2012-1 Senior Subordinated Scheduled Principal

    $ —     
  

 

 

  

iii. Other

   

Series 2012-1 Class A-1 Quarterly Commitment Fees

    $ 76,886.83   
  

 

 

  

iv. Total Debt Service

    $ 26,194,994.23   
  

 

 

  

v. Other Payments to Noteholders Relating to Notes

   

Series 2012-1 Subordinated Quarterly Interest

    $ —     
  

 

 

  

Series 2012-1 Subordinated Quarterly Scheduled Principal

    $ —     
  

 

 

  

Series 2012-1 Class A-1 Quarterly Contingent Additional Interest

    $ —     
  

 

 

  

Series 2012-1 Class A-2 Quarterly Contingent Additional Interest

    $ —     
  

 

 

  

Senior Subordinated Quarterly Contingent Additional Interest

    $ —     
  

 

 

  

Subordinated Quarterly Contingent Additional Interest

    $ —     
  

 

 

  

5. Aggregate Weekly Allocations to Distribution Accounts for Current Quarterly Payment Date:

  

i. All available deposits in Series 2012-1 Class A-1 Distribution Account

    $ 468,901.73   
  

 

 

  

ii. All available deposits in Series 2012-1 Class A-2 Distribution Account

    $ 19,844,842.50   
  

 

 

  

iii. All available deposits in Senior Subordinated Distribution Account

    $ —     
  

 

 

  

iv. All available deposits in Subordinated Distribution Account

    $ —     
  

 

 

  

v. Total on Deposit in Distribution Accounts

    $ 20,313,744.23   
  

 

 

  

6. Distributions for Current Quarterly Payment Date:

  

Series 2012-1 Class A-1 Distribution Account

   

i. Payment of interest and fees related to Series 2012-1 Class A-1 Notes

    $ 468,901.73   
  

 

 

  

ii. Indemnification and Real Estate Disposition Proceeds Payments to reduce commitments under Series 2012-1 Class A-1 Notes

    $ —     
  

 

 

  

iii. Principal payments to Series 2012-1 Class A-1 Notes

    $ —     
  

 

 

  

iv. Payment of Series 2012-1 Class A-1 Notes Breakage Amounts

    $ —     
  

 

 

  

Series 2012-1 Class A-2 Distribution Account

i. Payment of interest related to Series 2012-1 Class A-2 Notes

    $ 19,844,842.50   
  

 

 

  

ii. Indemnification and Real Estate Disposition Proceeds payments to Series 2012-1 Class A-2 Notes

    $ —     
  

 

 

  

iii. Principal payment to Series 2012-1 Class A-2 Notes

    $ —     
  

 

 

  

iv. Make-Whole Premium related to Series 2012-1 Class A-2 Notes

    $ —     
  

 

 

  

Senior Subordinated Distribution Account

   

i. Payment of interest related to Senior Subordinated Notes

    $ —     
  

 

 

  

ii. Indemnification and Real Estate Disposition Proceeds payments to Senior Subordinated Notes

    $ —     
  

 

 

  

iii. Principal payment to Senior Subordinated Notes

    $ —     
  

 

 

  

iv. Make-Whole Premium related to Senior Subordinated Notes

    $ —     
  

 

 

  

Subordinated Distribution Account

   

i. Payment of interest related to Subordinated Notes

    $ —     
  

 

 

  

ii. Indemnification and Real Estate Disposition Proceeds payments to Subordinated Notes

    $ —     
  

 

 

  

iii. Principal payment to Subordinated Notes

    $ —     
  

 

 

  

iv. Make-Whole Premium related to Subordinated Notes

    $ —     
  

 

 

  

Total Allocations from Distribution Accounts

    $ 20,313,744.23   
  

 

 

  

7. Senior Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date:

   

i. Deposits into Senior Notes Interest Reserve Account during Quarterly Collection Period

    $ —     
  

 

 

  

ii. Less draws on / releases from Available Senior Notes Interest Reserve Account Amount

    $ 187.50   
  

 

 

  

iii. Total Increase (Reduction) of Available Senior Notes Interest Reserve Account Amount

    $ (187.50 ) 
  

 

 

  

8. Senior Subordinated Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date:

   

i. Deposits into Senior Subordinated Notes Interest Reserve Account during Quarterly Collection Period

    $ —     
  

 

 

  

ii. Less draws on Available Senior Subordinated Notes Interest Reserve Account Amount

    $ —     
  

 

 

  

iii. Total Increase (Reduction) of Available Senior Subordinated Notes Interest Reserve Account Amount

    $ —     
  

 

 

  

Domino’s Pizza Master Issuer LLC

Domino’s SPV Canadian Holding Company Inc.

Domino’s Pizza Distribution LLC

Domino’s IP Holder LLC

Quarterly Noteholders’ Statement

 

Quarterly Collection Period Starting:    June 16, 2014
Quarterly Collection Period Ending:    September 7, 2014
Quarterly Payment Date:    October 27, 2014

 

9. Cash Trap Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date:

   

i. Deposits into Cash Trap Reserve Account during Quarterly Collection Period

    $ —     
  

 

 

  

ii. Less draws on Available Cash Trap Reserve Account Amount

    $ —     
  

 

 

  

iii. Less Cash Trapping Release Amount

    $ —     
  

 

 

  

iv. Total Increase (Reduction) of Available Cash Trap Reserve Account Amount

    $ —     
  

 

 

  

10. Real Estate Disposition Proceeds

   

i. Aggregate Real Estate Disposition Proceeds as of Prior Quarterly Payment Date

    $ —     
  

 

 

  

ii. Aggregate Real Estate Disposition Proceeds as of Current Quarterly Payment Date

    $ —     
  

 

 

  

11. Scheduled Principal Catch-Up Amounts

   

i. Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Prior Quarterly Payment Date

    $ —     
  

 

 

  

ii. Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Current Quarterly Payment Date

    $ 5,906,250.00   
  

 

 

  

12. Outstanding Balances as of Current Quarterly Payment Date (after giving effect to payments to be made on such date):

   

i. Series 2012-1 Class A-1 Notes

    $ 40,195,014.00   
  

 

 

  

ii. Series 2012-1 Class A-2 Notes

    $ 1,521,843,750.00   
  

 

 

  

iii. Senior Subordinated Notes

    $ —     
  

 

 

  

iv. Subordinated Notes

    $ —     
  

 

 

  

v. Reserve account balances:

  

a. Available Senior Notes Interest Reserve Account Amount

    $ 20,777,867.50   
  

 

 

  

b. Available Senior Subordinate Notes Interest Reserve Account Amount

    $ —     
  

 

 

  

c. Available Cash Trap Reserve Account Amount

    $ —     
  

 

 

  

IN WITNESS HEREOF, the undersigned has duly executed and delivered this Quarterly Noteholders’ Statement this October 22, 2014

Domino’s Pizza LLC as Manager on behalf of the Master Issuer and certain subsidiaries thereto,

 

  by:  

 

    Jeffrey D. Lawrence - Treasurer
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