Dunkin’ Brands plans $1.3 billion refinancing of securitized debt

By Sarah Lizee

Olympia, Wash., March 12 – Dunkin’ Brands Group, Inc. said some of its subsidiaries plan to refinance a portion of their outstanding securitization debt with a new series of securitized debt.

DB Master Finance LLC plans to issue about $1.15 billion of new securitized notes and use the proceeds to prepay and retire a portion of the $1.7 billion of outstanding $2.5 billion fixed-rate notes issued in 2015, according to a press release.

DB Master will also issue a portion of the notes in the form of a new $150 million variable funding note facility, which will replace the $150 million variable funding note facility it entered in 2017.

The offering is subject to market and other conditions and is anticipated to close in the second quarter of 2019.

The company previously completed a recapitalization in October 2017, with the issuance of a $1.55 billion securitized financing facility consisting of $1.4 billion of fixed-rate notes and the entry into a new $150 million variable funding note facility that replaced the 2015 variable funding note facility.

The company's prior recapitalization before the 2017 recapitalization occurred in January 2015, with the issuance of a $2.6 billion securitized financing facility consisting of $2.5 billion of fixed-rate notes and $100 million of variable funding notes.

Dunkin’ Brands is the Canton, Mass.-based parent company of Dunkin’ Donuts and Baskin-Robbins.

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