CANTON, Mass., Sept. 5, 2017 /PRNewswire/ -- Dunkin' Brands
Group, Inc. (Nasdaq: DNKN) (the "Company"), the parent company of
Dunkin' Donuts (DD) and Baskin-Robbins (BR), today
announced that certain of its subsidiaries intend to complete
a recapitalization transaction, which will include the refinancing
of a portion of their outstanding securitization debt with a new
series of securitized debt.
- The Company's last recapitalization occurred in January
2015, with the issuance of a $2.6 billion securitized
financing facility consisting of two tranches of fixed rate notes
in the principal amounts of $750
million (the "2015 A-2-I Notes") and $1.750 billion (the "2015 A-2-II Notes"),
respectively, and $100 million of
variable funding notes (the "2015 VFN Notes").
- Certain of the Company's subsidiaries intend to issue
approximately $1.45 billion of new securitized notes (the
"2017 Notes") and to use the proceeds to prepay and retire the
outstanding 2015 A-2-I Notes, to pay transaction fees and for
general corporate purposes, which may include a return of capital
to shareholders. At the end of the second fiscal quarter of 2017,
there was approximately $733 million
in outstanding principal amount under the 2015 A-2-I Notes.
- The Company expects its subsidiaries to issue a portion of the
2017 Notes in the form of a new $150 million variable
funding note facility, which will replace the 2015 VFN Notes
facility.
The consummation of the offering is subject to market and other
conditions and is anticipated to close in the fourth quarter of
2017. However, there can be no assurance that we will be able to
successfully complete the refinancing transaction on the terms
described or at all.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the 2017 Notes or any other
security. The notes to be offered have not been, and will not be,
registered under the Securities Act of 1933 and may not be offered
or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act of 1933.
About Dunkin' Brands Group, Inc.
With more than 20,000 points of distribution in more than 60
countries worldwide, Dunkin' Brands Group, Inc. (Nasdaq: DNKN) is
one of the world's leading franchisors of quick service restaurants
(QSR) serving hot and cold coffee and baked goods, as well as
hard-serve ice cream. At the end of the second quarter 2017,
Dunkin' Brands' 100 percent franchised business model included more
than 12,300 Dunkin' Donuts restaurants and more than 7,800
Baskin-Robbins restaurants. Dunkin' Brands Group, Inc. is
headquartered in Canton, Mass.
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SOURCE Dunkin' Brands Group, Inc.