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Domino's Pizza has announced that it completed the transaction to purchase $109.1 million of its 8.25 percent senior subordinated notes due 2011. The debt retirement was previously announced as the use of primary proceeds from the company's July IPO. The debt retirement transaction was completed on August 16, 2004.
Harry J. Silverman, Domino's executive vice president and chief financial officer, said, "Lowering our debt by nearly $110 million will reduce our interest expense by approximately $9 million on an annual basis, and takes our leverage ratio to under 4 times EBITDA. Although our strong and stable cash flow enables us to operate at much higher debt levels, we felt this de- leveraging activity was an appropriate strategy for our newly-public company."